Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Non-life insurers posted nearly 16 per cent year-on-year (YoY) growth in gross direct premium underwritten in April 2024, data released by the General Insurance Council showed.

Gross Direct Premium Underwritten of the non-life insurers in April was Rs 29561.82 crore, 16.24 per cent up from Rs 25431.24 crore in April 2023.

The premium of general insurers grew by 15.30 per cent Y-o-Y to Rs 26918.86 crore. The public sector general insurers clocked 7.74 per growth in premium to Rs 10345.04 crore, whereas, the private sector counterparts witnessed 20.58 per cent improvement to Rs 16573.82 crore.

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore.

Premiums of leading private sector players like ICICI Lombard General Insurance grew by 22.65 per cent Y-o-Y per cent to Rs 3366.01 crore and Bajaj Allianz General Insurance’s premium increased by 45.42 per cent to Rs 2388.57 crore during the time period.

Among other key insurer, premium of HDFC Ergo General Insurance rose by 20.25 per cent to Rs 1727.43 crore whereas United India Insurance Company’s premium rose by 11.03 per cent to Rs 2023.47 crore and the Oriental Insurance’s premium rose to Rs 1680.06 crore, 9.41 per cent up from the year ago period.

In terms of the market share, the public sector general insurers stood at 34.86 per cent of the overall insurance industry in April 2024 as against 37.48 per cent in April 2023. The private insurers, on the other hand, witnessed an increase in market share to 55.84 per cent in the reported month as compared to 53.66 per cent in the year ago period. 

In April 2024, gross underwritten premiums of the five Standalone Health Insurers (SAHI) increased 26.80 per cent to Rs 2642.96 crore from Rs 2084.40 crore in April 2023.

Among the SAHIs, the segment leader, Star Health & Allied Insurance Company posted 23.09 per cent YoY to Rs 1013.59 crore from Rs 823.45 crore.

The gross underwritten premium of specialised insurers, Agriculture Insurance Co of India was down 73.32 per cent YoY whereas ECGC posted 25.53 per cent YoY growth in premium during the time period.