Data Alert
Premium income of non-life insurers up 4.2% on yr in Aug
This story was originally published at 15:25 IST on 9 September 2024
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NEW DELHI – The gross direct premiums underwritten by non-life insurance companies rose 4.2% on year to 245.54 bln rupees in August, according to data released by the General Insurance Council. The gross direct premium underwritten had risen 9.3% on year to 290.32 bln rupees in July.
The premium income of ICICI Lombard General Insurance rose 10.1% on year to 21.37 bln rupees last month. The market share of the company fell to 9.97% in August from 10.27% in July.
The New India Assurance's premium income declined 12.5% on year to 20.22 bln rupees in August. The market share of the state-owned general insurer moderated to 12.86% last month from 13.98% in July.
The gross premium of Bajaj Allianz General Insurance rose 3.5% on year to 17.36 bln rupees in August. SBI General Insurance reported a 8.1% on-year increase in premium income to 13.47 bln rupees, while HDFC Ergo General Insurance's gross written premiums slumped 22.7% on year to 17.45 bln rupees in August.
The gross underwritten premiums of general insurers rose 1.9% on year to 196.52 bln rupees in August, while the premium income of standalone health insurers grew 24.5% to 32.29 bln rupees.
Within standalone health insurers, the gross premium income of Star Health and Allied Insurance Co increased 15.0% on year to 14.00 bln rupees. The health insurer's market share rose to 5.02% last month from 4.86% in July.
Following is the gross direct premium underwritten by leading general insurance companies in August, in mln rupees, compared with the year-ago period, and their market share:
| Insurers | For the Month | Growth (in %) | Market Share (in %) | ||
| August 2024 | August 2023 | August 2024 | August 2023 | ||
| General Insurers | |||||
| The New India Assurance Co Ltd | 20,216.00 | 23,105.90 | (-)12.51% | 12.86% | 13.95% |
| ICICI Lombard General Insurance Co Ltd | 21,373.20 | 19,412.90 | 10.10% | 9.97% | 9.37% |
| Bajaj Allianz General Insurance Co Ltd | 17,362.30 | 16,778.70 | 3.48% | 7.02% | 8.07% |
| United India Insurance Co Ltd | 13,931.90 | 12,957.00 | 7.52% | 6.92% | 6.95% |
| The Oriental Insurance Co Ltd | 10,831.70 | 9,679.10 | 11.91% | 6.30% | 6.28% |
| Tata AIG General Insurance Co Ltd | 13,814.30 | 11,060.10 | 24.90% | 5.69% | 5.47% |
| HDFC Ergo General Insurance Co Ltd | 17,452.20 | 22,576.40 | (-)22.70% | 5.66% | 6.03% |
| National Insurance Co Ltd | 11,514.70 | 13,445.90 | (-)14.36% | 4.98% | 5.28% |
| Reliance General Insurance Co Ltd | 10,108.00 | 9,286.40 | 8.85% | 4.21% | 4.09% |
| SBI General Insurance Co Ltd | 13,470.50 | 12,464.80 | 8.07% | 4.11% | 3.77% |
| Go Digit General Insurance Ltd | 6,497.80 | 6,329.20 | 2.66% | 2.91% | 2.86% |
| IFFCO-Tokio General Insurance Co Ltd | 7,405.70 | 6,953.50 | 6.50% | 2.65% | 3.52% |
| Cholamandalam MS General Insurance | 7,203.10 | 6,654.70 | 8.24% | 2.64% | 2.61% |
| Future Generali India Insurance Co Ltd | 3,696.60 | 3,350.10 | 10.34% | 1.91% | 1.68% |
| Universal Sompo General Insurance Co | 6,250.80 | 6,093.50 | 2.58% | 1.68% | 1.69% |
| Royal Sundaram General Insurance Co L | 3,084.10 | 2,980.10 | 3.49% | 1.29% | 1.23% |
| Magma HDI General Insurance Co Ltd | 1,986.20 | 1,880.50 | 5.62% | 1.03% | 0.90% |
| Shriram General Insurance Co Ltd | 2,802.20 | 2,472.10 | 13.35% | 1.02% | 0.91% |
| Liberty General Insurance Co. Ltd | 1,941.80 | 1,782.40 | 8.94% | 0.75% | 0.81% |
| Acko General Insurance Ltd | 1,821.00 | 1,488.20 | 22.36% | 0.68% | 0.63% |
| Kotak Mahindra General Insurance Co L | 1,628.60 | 1,198.10 | 35.93% | 0.61% | 0.48% |
| Zuno General Insurance Co Ltd | 932.60 | 726.00 | 28.46% | 0.31% | 0.24% |
| Kshema General insurance | 707.60 | 20.30 | 3385.71% | 0.30% | 0.00% |
| Raheja QBE General Insurance Co Ltd | 434.50 | 142.70 | 204.48% | 0.16% | 0.06% |
| Navi General Insurance Co. Ltd | 47.60 | 68.80 | (-)30.81% | 0.02% | 0.02% |
| General Insurers Sub Total | 196,515.00 | 1,92,907.40 | 1.87% | 85.69% | 86.89% |
| Stand Alone Health Insurers | |||||
| Niva bupa health insurance company li | 5,969.80 | 4,291.90 | 39.09% | 2.09% | 1.73% |
| Aditya Birla Health Insurance Co Ltd | 3,044.50 | 2,143.80 | 42.01% | 1.35% | 1.09% |
| Care Health Insurance Ltd | 7,884.40 | 6,082.30 | 29.63% | 2.73% | 2.31% |
| ManipalCigna Health Insurance Co Ltd | 1,389.30 | 1,231.90 | 12.78% | 0.54% | 0.54% |
| Narayana Health Insurance Ltd | 0.30 | - | - | - | 0.00% |
| Star Health & Allied Insurance Co Ltd | 14,002.90 | 12,178.90 | 14.98% | 5.02% | 4.76% |
| Stand Alone Health Insurers sub Total | 32,291.20 | 25,928.80 | 24.54% | 11.74% | 10.42% |
| Specialised Insurers | |||||
| Agriculture Insurance Co Of India Ltd | 16,199.00 | 16,137.30 | 0.38% | 2.19% | 2.32% |
| ECGC Ltd | 538.10 | 627.40 | (-)14.23% | 0.38% | 0.36% |
| Specialised Insurers Sub Total | 16,737.10 | 16,764.70 | (-)0.16% | 2.58% | 2.69% |
| Grand Total | 245,543.30 | 235,600.90 | 4.22% | 100% | 100% |
Source: General Insurance Council
End
Reported by Shubham Rana
Edited by Aditya Sakorkar
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