The monthly premiums of non-life insurance companies rose by 14.86 per cent during the first half of FY24 from H1FY23, supported by robust growth across major companies, according to data from the General Insurance Council. In September 2023, the insurance premium for general insurers increased by 29.06 per cent to Rs 23,706.35 crore from Rs 18,999.90 crore in the same period the previous year.
Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time.
Among the insurance companies, industry leader New India Assurance witnessed an 11.74 per cent rise in premium to Rs 2,885.73 crore. Leading private players, Bajaj Allianz General Insurance and ICICI Lombard General Insurance, registered premium growth of 50 per cent and 13.80 per cent, respectively.
National Insurance led premium growth among the public sector companies, with a remarkable 120 per cent increase to Rs 2,314.84 crore compared to the previous year.
Premiums for Standalone Health Insurance (SAHI) grew by 22.92 per cent in September 2023, reaching Rs 2,693.91 crore from Rs 2,191.66 crore in September 2022.
In terms of market share, the public sector general insurers’ share was 31.99 per cent of the overall insurance industry in September 2023, down from 32.76 per cent in September 2022, mainly due to a decrease in the market share of New India Assurance and United India Assurance.
Monthly data in Rs (cr)
Monthly data in Rs (cr)
Source: Life Insurance Council