Data Alert
Non-life insurers' gross premiums flat YoY in Dec, up 15.4% MoM
This story was originally published at 20:33 IST on 7 January 2025
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MUMBAI – The gross direct premium underwritten by non-life insurance companies in December remained nearly flat on year at INR 250.19 billion, data released by the General Insurance Council on Tuesday showed. However, the premium rose 15.4% on month from INR 216.71 billion in November.
The New India Assurance Co. Ltd., the largest non-life insurer by market share, reported a 6.5% on-year rise in gross direct premium to INR 43.36 billion in December. The market share of the insurer declined to 12.79% in the month from 13.33% a year ago. The gross direct premium underwritten by ICICI Lombard General Insurance Co. Ltd. fell a mere 1.0% on year to INR 19.62 billion in December. The market share of ICICI Lombard, which is the second-largest player, inched up to 8.96% in the month from 8.76% a year ago.
Bajaj Allianz General Insurance Co. Ltd.'s gross direct premium underwritten plummeted 6.6% on year to INR 13.31 billion in December. The premium declined marginally from INR 13.65 billion in November. Despite the decline in the premium, the market share of the insurer was slightly up, at 7.43% from 7.28% a year ago. In November, however, its market share stood at 7.69%.
The total gross direct premium underwritten by general insurance companies was INR 206.78 billion in December, down 1.6% on year. The market share of the general insurance players was slightly down at 84.84% in the month compared to 85.61% during the corresponding period of the previous year.
Among standalone health insurance companies, Aditya Birla Health Insurance Co. Ltd. posted the highest growth in the gross direct premium underwritten in December. The insurer's premium increased 28.8% on year to INR 4.01 billion in the month. Star Health and Allied Insurance Co. Ltd., the largest standalone health insurer by market share, saw a 3.5% rise in premium to INR 13.84 billion in December.
Niva Bupa Health Insurance Co. Ltd., which listed on the exchanges in November, saw a drop of 6.0% in the gross premium in December. The premium amount was INR 5.27 billion for the month. The market share of the company rose to 2.03% from 1.80% a year ago.
Following is the detailed table on the gross direct premium underwritten by leading general insurance companies in December, in INR million, compared with the year-ago period, and their market share:
| Insurers | Gross direct premium underwritten | Market Share % | |||
| December 2024 | December 2023 | Y-o-Y Growth % | Dec-24 | Dec-23 | |
| The New India Assurance Co Ltd | 4335.66 | 4070.17 | 6.52 | 12.79% | 13.33% |
| ICICI Lombard General Insurance Co Ltd | 1962.2 | 1979.81 | (-)0.89 | 8.96% | 8.76% |
| The Oriental Insurance Co Ltd | 1923.73 | 1711.13 | 12.42 | 6.49% | 6.34% |
| Tata AIG General Insurance Co Ltd | 1506.95 | 1209.49 | 24.59% | 5.75% | 5.25% |
| United India Insurance Co Ltd | 1443.65 | 1577.02 | (-)8.46% | 6.22% | 6.58% |
| Bajaj Allianz General Insurance Co Ltd | 1330.9 | 1425.1 | (-)6.61% | 7.43% | 7.28% |
| National Insurance Co Ltd | 1110.75 | 956.23 | 16.16% | 5.60% | 5.51% |
| SBI General Insurance Co Ltd | 1018.83 | 1001.13 | 1.77% | 4.09% | 3.99% |
| Reliance General Insurance Co Ltd | 1004.81 | 959.7 | 4.70% | 4.46% | 4.31% |
| HDFC Ergo General Insurance Co Ltd | 945.46 | 1671.32 | (-)43.43% | 5.31% | 6.28% |
| IFFCO-Tokio General Insurance Co Ltd | 724.44 | 887.34 | (-)18.36% | 2.74% | 3.57% |
| Go Digit General Insurance Ltd | 636.14 | 602.78 | 5.53% | 2.82% | 2.80% |
| Cholamandalam MS General Insurance Co Ltd | 634.55 | 617.44 | 2.77% | 2.65% | 2.59% |
| Universal Sompo General Insurance Co Ltd | 395.97 | 387.07 | 2.30% | 1.75% | 1.74% |
| Shriram General Insurance Co Ltd | 352.55 | 283.01 | 24.57% | 1.15% | 1.01% |
| Royal Sundaram General Insurance Co Ltd | 287.99 | 334.04 | (-)13.79% | 1.22% | 1.23% |
| Future Generali India Insurance Co Ltd | 240 | 362 | (-)33.70% | 1.62% | 1.57% |
| Magma General Insurance Limited | 215.73 | 250.43 | (-)13.86% | 0.98% | 0.95% |
| Acko General Insurance Ltd | 172.67 | 167.48 | 3.10% | 0.68% | 0.64% |
| Kotak Mahindra General Insurance Co Ltd | 161.26 | 145.14 | 11.11% | 0.61% | 0.50% |
| Liberty General Insurance Co. Ltd | 153.26 | 143.19 | 7.03% | 0.74% | 0.77% |
| Zuno General Insurance Co Ltd | 95.96 | 85.89 | 11.72% | 0.32% | 0.27% |
| Raheja QBE General Insurance Co Ltd | 14.17 | 27.84 | (-)49.10% | 0.14% | 0.08% |
| Kshema General insurance | 5.35 | 149.26 | (-)96.42% | 0.31% | 0.24% |
| Navi General Insurance Co. Ltd | 4.81 | 5.91 | (-)18.61% | 0.02% | 0.02% |
| General Insurers Sub Total | 20677.79 | 21009.92 | (-)1.58% | 84.84% | 85.61% |
| Stand Alone Health Insurers | |||||
| Star Health & Allied Insurance Co Ltd | 1384.43 | 1337.88 | 3.48% | 5.04% | 4.82 |
| Care Health Insurance Ltd | 625.14 | 582.17 | 7.38% | 2.61% | 2.26% |
| Niva Bupa Health Insurance Co Ltd | 527.35 | 561.18 | (-)6.03% | 2.03% | 1.80% |
| Aditya Birla Health Insurance Co Ltd | 401.33 | 311.68 | 28.76% | 1.40% | 1.12% |
| ManipalCigna Health Insurance Co Ltd | 128.59 | 124.54 | 3.25% | 0.53% | 0.53% |
| Stand Alone Health Insurers sub Total | 3068.79 | 2917.45 | 5.19% | 11.61% | 10.54% |
| Specialised Insurers | |||||
| Agriculture Insurance Co Of India Ltd | 1145.4 | 1062.43 | 7.81% | 3.14% | 3.44 |
| ECGC Ltd | 126.67 | 112.05 | 13.05% | 0.42% | 0.41 |
| Specialised Insurers Sub Total | 1272.07 | 1174.48 | 8.31% | 3.55% | 3.85% |
| Grand Total | 25018.65 | 25101.85 | -0.33% | 100.00% | 100.00% |
End
Reported by Christina Titus
Edited by Taniam Banerjee
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