Indian non-life insurance companies see impressive growth in gross premium underwritten

Indian non-life insurance companies see impressive growth in gross premium underwritten | Insurance Business Asia

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Indian non-life insurance companies see impressive growth in gross premium underwritten

General insurance Council’s data reveals robust increase in non-life insurance premiums

In a promising development for India’s non-life insurance sector, the collective gross direct premium underwritten by companies experienced a remarkable 20.51% year-on-year increase in April, reaching a total of Rs 25,640.66 crore.

Data released by the General Insurance Council showcased the sector’s robust growth, reflecting positive market dynamics.

Among the key findings, the report revealed that gross direct premiums underwritten by 24 general insurance companies witnessed a substantial 18.91% YoY growth, totaling Rs 23,371.50 crore during the same period. This surge outperformed the previous year’s figure of Rs 19,655.52 crore.

Additionally, standalone health insurers recorded an impressive 34.33% growth, with premiums amounting to Rs 2,084.20 crore, compared to the previous year’s Rs 1,551.58 crore.

Within the non-life insurance space, New India Assurance, a prominent PSU insurer, and market leader, observed a 10.40% YoY increase in its premium underwritten, reaching Rs 5,060.19 crore. Oriental Insurance Company also demonstrated substantial growth, with an 18.83% rise to Rs 1,535.49 crore during the month of April.

Furthermore, United India Insurance and National Insurance Company experienced premium growth of 12.03% and 2.99%, amounting to Rs 1,822.41 crore and Rs 1,208.41 crore, respectively.

In the private sector, major general insurers showcased strong performance. ICICI Lombard General Insurance achieved a 16.63% growth, recording premiums of Rs 2,744.41 crore. Bajaj Allianz General Insurance reported a notable 29.23% increase, reaching Rs 1,642.48 crore during the period.

HDFC Ergo and Tata AIG General also witnessed positive growth, with premiums increasing by 13.20% and 35.48%, respectively, amounting to Rs 1,436.50 crore and Rs 1,562.92 crore.

Turning to the standalone health insurance segment, Star Health and Allied Insurance and Care Health Insurance experienced significant growth.

Star Health and Allied Insurance saw a 25.02% YoY rise in gross direct premiums underwritten, reaching Rs 823.25 crore, while Care Health Insurance recorded a substantial 37.55% increase, amounting to Rs 507.08 crore.