The monthly premiums of non-life insurance companies grew by 13.65 per cent in October 2023 to Rs 23,814.64 crore, up from Rs 20,954.89 crore in October 2022, aided by healthy growth across segments.
However, the public sector general insurance companies recorded a 3.62 per cent decrease across the time period. 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 to Rs 6,971.94 crore from Rs 7,234.07 in the year-ago period. 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. Whereas, 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.
Other key players HDFC Ergo General Insurance grew by 40.11 per cent and the Oriental Insurance rose by 21.39 per cent across the time period.
Premiums of the Standalone Health Insurance (SAHI) increased by 28.80 per cent in October 2023 to Rs 2,493.97 crore, up from Rs 1,936.26 crore in October 2022.
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, down from 33.01 per cent in October 2022. 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.
First Published: Nov 6 2023 | 7:59 PM IST