Premiums of non-life insurance companies rise 7.37% in November 2023

The monthly premiums of non-life insurance companies grew by 7.37 per cent in November 2023 to Rs 20,623.92 crore from Rs 19,207.77 crore in November 2022 amid tepid growth across companies.

According to the General Insurance Council (GIC)’s monthly data, the growth of public sector general insurance companies slipped by 1.98 per cent in November 2023 from the same period last year. The overall premium of the companies comprising The New India Assurance Company, National Insurance Company, The Oriental Insurance Company, and the United India Insurance Company dropped down to Rs 6,365.48 crore from Rs 6,494.13 crore in the year-ago period.

The near 17 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units.

At the same time, United India Insurance Company posted the highest growth of 7.10 per cent among public sector companies to Rs 1,434.53 crore from Rs 1,339.38 crore.

The growth of the private general insurers increased by 9.57 per cent to Rs 11,561.32 crore as compared to Rs 10,551.51 crore in the reported month compared to the year-ago period.

Among the leading insurance companies, industry leader New India Assurance saw a 0.65 per cent slip in premium to Rs 2,364.20 crore. The leading private sector players, ICICI Lombard General Insurance, clocked 16.56 per cent growth, whereas Bajaj Allianz General Insurance saw a drop of 8.90 per cent in its premium.

Whereas, other key players HDFC Ergo General Insurance grew by 3.08 per cent and the Oriental Insurance rose by 5.92 per cent across the time period.

Premiums of the Standalone Health Insurance (SAHI) increased 22.63 per cent in November 2023 to Rs 2,484.64 crore from Rs 2,026.20 crore in November 2022.

In terms of the market share, the public sector general insurers stood at 31.52 per cent of the overall insurance industry in November 2023 as against 33.10 per cent in November 2022. The private insurers, on the other hand, witnessed a slight rise in market share to 54.33 per cent in the reported month compared to 51.60 per cent in the year-ago period.