Premiums of general insurance companies rise 13.65% in October 2023

Aided by healthy growth across segments, the monthly premiums of non-life insurance companies grew by 13.65 per cent in October this year to Rs 23,814.64 crore, up from Rs 20,954.89 crore in the same period last year.
 

However, the public sector general insurance companies printed a 3.62 per cent de-growth across the time period, according to the data shared by the General Insurance Council. The overall premium of the companies comprising — New India Assurance Company, National Insurance Company, The Oriental Insurance Company and United India Insurance Company - dropped down to Rs 6,971.94 crore from Rs 7,234.07 crore a year ago.
 

The nearly 50 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units. Among the leading insurance companies, industry leader, New India Assurance, saw a 14.55 per cent increase in premium to Rs 3,188.72 crore.

The leading private sector players, Bajaj Allianz General Insurance and ICICI Lombard General Insurance, clocked 49.53 and 5.42 per cent growth in premium respectively.

The other key players HDFC Ergo General Insurance and Oriental Insurance grew by 40.11 per cent and 21.39 per cent respectively across the time period.

Premiums of the Standalone Health Insurance (SAHI) increased 28.80 per cent in October 2023 to Rs 2493.97 crore from Rs 1936.26 crore in October last year.

In terms of the market share, the public sector general insurers stood at 31.60 per cent of the overall insurance industry in October 2023 from 33.01 per cent in October last year.

The private insurers, on the other hand, witnessed a slight rise in market share to 54.12 per cent in the reported month as compared to 51.16 per cent in the year-ago period.