Data Alert
Premium income of general insurers up 9.3% on year in July
This story was originally published at 16:47 IST on 7 August 2024
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--ICICI Lombard General's premium up 15.7% YoY at 27.65 bln rupees Jul
--Bajaj Allianz General's premium dn 35.8% YoY at 24.16 bln rupees Jul
--New India Assurance's premium up 9.3% YoY at 35.58 bln rupees Jul
--General insurers premium up 9.3% YoY at 290.32 bln rupees in Jul
MUMBAI – The gross direct premiums underwritten by non-life insurance companies rose 9.3% on year to 290.32 bln rupees in July, according to data released by the General Insurance Council. The gross direct premium underwritten had risen 8.8% on year to 221.71 bln rupees in June.
The premium income of ICICI Lombard General Insurance rose 15.7% on year to 27.65 bln rupees in July. Sequentially, the premium grew 24.7%. The market share of the general insurance company fell to 10.27% in July from 10.57% a month ago.
The New India Assurance Co's premium income was 35.58 bln rupees in July, up 9.3% from a year ago and 18.3% a month ago. The market share of the state-owned general insurer moderated to 13.98% in July from a month ago but retained the top spot.
The gross premium of Bajaj Allianz General Insurance declined 35.8% from a year ago to 24.16 bln rupees in July.
SBI General Insurance reported a 13.5% on-year increase in premium income to 12.47 bln rupees, HDFC Ergo General Insurance's gross written premiums rose 36.5% on year to 16.52 bln rupees in July.
The gross underwritten premiums of general insurers rose 6.4% on year to 246.59 bln rupees in July, while the premium income of standalone health insurers grew 23.2% to 32.83 bln rupees.
Within standalone health insurers, the gross premium income of Star Health and Allied Insurance Co increased 15.5% on year to 14.70 bln rupees. The premium income of Star Health was up 13%, sequentially. The health insurer's market share rose to 4.86% in July from 4.78% in June.
Following is the gross direct premium underwritten by leading general insurance companies in July, in mln rupees, compared with the year-ago period:
| Insurers | For the Month |
Y-oY Growth (in %) |
Market Share % | ||
| July 2024 | July 2023 | July 2024 | July 2023 | ||
| General Insurers | |||||
| The New India Assurance Co Ltd | 35,575.60 | 32,546.90 | 9.31% | 13.98% | 15.02% |
| ICICI Lombard General Insurance Co Ltd | 27,654.20 | 23,893.10 | 15.74% | 10.27% | 9.67% |
| Bajaj Allianz General Insurance Co Ltd | 24,155.30 | 37,615.60 | (-)35.78% | 7.01% | 8.32% |
| The Oriental Insurance Co Ltd | 21,833.60 | 20,665.60 | 5.65% | 6.76% | 6.84% |
| United India Insurance Co Ltd | 20,689.40 | 20,535.80 | 0.75% | 7.23% | 7.32% |
| National Insurance Co Ltd | 16,569.60 | 11,369.40 | 45.74% | 5.05% | 5.17% |
| HDFC Ergo General Insurance Co Ltd | 16,515.90 | 12,099.0 | 36.51% | 5.31% | 5.10% |
| Tata AIG General Insurance Co Ltd | 14,700 | 12,767.50 | 15.14% | 5.71% | 5.67% |
| SBI General Insurance Co Ltd | 12,466.30 | 10,988.0 | 13.45% | 3.78% | 3.38% |
| Reliance General Insurance Co Ltd | 9,926.40 | 8,982.60 | 10.51% | 4.23% | 4.13% |
| IFFCO-Tokio General Insurance Co Ltd | 7,535.10 | 7,037.60 | 7.07% | 2.56% | 3.67% |
| Go Digit General Insurance Ltd | 6,949.80 | 6,445.30 | 7.83% | 2.98% | 2.90% |
| Cholamandalam MS General Insurance Co Ltd | 6,937.0 | 6,353.70 | 9.18% | 2.57% | 2.55% |
| Future Generali India Insurance Co Ltd | 5,851.60 | 4,220.30 | 38.65% | 2.01% | 1.75% |
| Universal Sompo General Insurance Co Ltd | 3,768.10 | 3,106.0 | 21.32% | 1.47% | 1.45% |
| Royal Sundaram General Insurance Co Ltd | 3,191.70 | 3,030.80 | 5.31% | 1.30% | 1.23% |
| Shriram General Insurance Co Ltd | 2,723.0 | 2,330.90 | 16.82% | 0.99% | 0.87% |
| Magma HDI General Insurance Co Ltd | 2,682.40 | 2,390.90 | 12.19% | 1.08% | 0.92% |
| Liberty General Insurance Co. Ltd | 2,031.0 | 1,909.10 | 6.39% | 0.74% | 0.83% |
| Acko General Insurance Ltd | 1,771.50 | 1,494.90 | 18.50% | 0.67% | 0.63% |
| Kotak Mahindra General Insurance Co Ltd | 1,717.60 | 1,147.70 | 49.66% | 0.60% | 0.48% |
| Zuno General Insurance Co Ltd | 733.80 | 534.90 | 37.18% | 0.29% | 0.22% |
| Raheja QBE General Insurance Co Ltd | 460.00 | 152.30 | 202.04% | 0.16% | 0.06% |
| Kshema General insurance | 102.50 | - | 0.30% | - | |
| Navi General Insurance Co. Ltd | 45.40 | 52.0 | -12.69% | 0.02% | 0.02% |
| General Insurers Sub Total | 246,586.80 | 231,669.90 | 6.44% | 87.05% | 88.19% |
| Stand Alone Health Insurers | |||||
| Star Health & Allied Insurance Co Ltd | 14,697.10 | 12,728.10 | 15.47% | 4.86% | 4.65% |
| Care Health Insurance Ltd | 7,313.90 | 5,755.80 | 27.07% | 2.61% | 2.24% |
| Niva bupa health insurance company limited | 5,792.40 | 4,289.10 | 35.05% | 2.01% | 1.71% |
| Aditya Birla Health Insurance Co Ltd | 3,649.60 | 2,583.30 | 41.28% | 1.38% | 1.13% |
| ManipalCigna Health Insurance Co Ltd | 1,372.30 | 1,288.80 | 6.48% | 0.54% | 0.54% |
| Stand Alone Health Insurers sub Total | 32,825.30 | 26,645.10 | 23.19% | 11.40% | 10.27% |
| Specialised Insurers | |||||
| Agriculture Insurance Co Of India Ltd | 9,714.80 | 6,423.90 | 51.23% | 1.13% | 1.15% |
| ECGC Ltd | 1,196.0 | 933.70 | 28.09% | 0.42% | 0.39% |
| Specialised Insurers Sub Total | 10,910.80 | 7,357.60 | 48.29% | 1.55% | 1.54% |
| Grand Total | 290,322.90 | 265,672.60 | 9.28% | 100.00% | 100.00% |
End
Reported by Kshipra Petkar
Edited by Saji George Titus
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