Data Alert
Non-life insurers' gross premiums rise 6.6% YoY in Jan
This story was originally published at 17:15 IST on 8 February 2025
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NEW DELHI – The gross direct premium underwritten by non-life insurance companies rose 6.6% on year to INR 290.21 billion in January, according to General Insurance Council data. The premium income was INR 250.19 billion in December.
The New India Assurance Co. Ltd., the largest non-life insurer by market share, reported a 16.0% on-year rise in gross direct premium to INR 37.88 billion in January. The market share of the insurer declined to 12.82% in January from 13.18% a year ago.
The gross direct premium underwritten by ICICI Lombard General Insurance Co. Ltd. rose 7.7% on year to INR 25.61 billion in January. ICICI Lombard's market share inched up to 8.94% during the month from 8.76% a year ago. Bajaj Allianz General Insurance Co. Ltd.'s gross direct premium underwritten fell 15.2% on year to INR 16.75 billion in January.
The total gross direct premium underwritten by general insurance companies was INR 241.37 billion in January, up 5.1% on year. Standalone health insurers's premium income rose 11.0% on year to INR 36.60 billion in the first month of 2025.
Among standalone health insurance companies, Care Health Insurance Ltd. posted the highest growth in the gross direct premium underwritten in January. The insurer's premium increased 18.2% on year to INR 7.71 billion during the month. Star Health and Allied Insurance Co. Ltd., the largest standalone health insurer by market share, saw a 3.6% rise in premium to INR 14.63 billion last month.
Following is the detailed table on the gross direct premium underwritten by leading general insurance companies in January, in INR million, compared with the year-ago period, and their market share:
| Insurers | Gross direct premium underwritten | Market Share % | |||
| January 2025 | January 2024 | Y-o-Y % growth | January 2025 | January 2024 | |
| General Insurers | |||||
| Acko General Insurance Ltd | 1,840.3 | 1,777.9 | 3.5% | 0.67% | 0.64% |
| Bajaj Allianz General Insurance Co Ltd | 16,748.0 | 19,750.0 | (-)15.2% | 7.25% | 7.28% |
| Cholamandalam MS General Insurance Co Ltd | 7,334.8 | 6,661.1 | 10.1% | 2.63% | 2.57% |
| Future Generali India Insurance Co Ltd | 7,949.5 | 7,069.2 | 12.5% | 1.74% | 1.69% |
| Go Digit General Insurance Ltd | 7,264.5 | 6,745.0 | 7.7% | 2.78% | 2.76% |
| HDFC Ergo General Insurance Co Ltd | 10,820.7 | 15,085.2 | (-)28.3% | 5.13% | 6.20% |
| ICICI Lombard General Insurance Co Ltd | 25,613.3 | 23,791.2 | 7.7% | 8.94% | 8.76% |
| IFFCO-Tokio General Insurance Co Ltd | 7,987.5 | 8,677.6 | (-)8.0% | 2.74% | 3.53% |
| Zuric Kotak Mahindra General Insurance Co Ltd | 1,684.5 | 1,673.4 | 0.7% | 0.61% | 0.52% |
| Kshema General insurance | 193.6 | 127.4 | 52.0% | 0.28% | 0.22% |
| Liberty General Insurance Co. Ltd | 2,202.7 | 1,771.6 | 24.3% | 0.74% | 0.76% |
| Magma General Insurance Limited | 4,548.4 | 4,365.9 | 4.2% | 1.04% | 1.02% |
| National Insurance Co Ltd | 12,957.9 | 10,479.9 | 23.7% | 5.47% | 5.32% |
| Navi General Insurance Co. Ltd | 77.3 | 44.2 | 74.9% | 0.02% | 0.02% |
| Raheja QBE General Insurance Co Ltd | 162.2 | 327.1 | (-)50.4% | 0.13% | 0.08% |
| Reliance General Insurance Co Ltd | 8,830.4 | 8,487.2 | 4.0% | 4.30% | 4.18% |
| Royal Sundaram General Insurance Co Ltd | 3,765.0 | 3,856.5 | (-)2.4% | 1.23% | 1.25% |
| SBI General Insurance Co Ltd | 17,319.7 | 16,090.2 | 7.6% | 4.30% | 4.21% |
| Shriram General Insurance Co Ltd | 3,659.6 | 2,772.4 | 32.0% | 1.17% | 1.01% |
| Tata AIG General Insurance Co Ltd | 15,595.9 | 13,002.5 | 20.0% | 5.71% | 5.20% |
| The New India Assurance Co Ltd | 37,875.4 | 32,644.0 | 16.0% | 12.82% | 13.18% |
| The Oriental Insurance Co Ltd | 17,682.6 | 17,058.4 | 3.7% | 6.44% | 6.33% |
| United India Insurance Co Ltd | 24,034.6 | 22,594.8 | 6.4% | 6.45% | 6.78% |
| Universal Sompo General Insurance Co Ltd | 4,284.1 | 3,767.1 | 13.7% | 1.72% | 1.70% |
| Zuno General Insurance Co Ltd | 934.3 | 1000.4 | (-)6.6% | 0.32% | 0.28% |
| General Insurers Sub Total | 241,366.8 | 229,620.2 | 5.1% | 84.65% | 85.47% |
| Stand Alone Health Insurers | |||||
| Niva bupa health insurance company limited | 6,328.4 | 5,476.2 | 15.6% | 2.05% | 1.83% |
| Aditya Birla Health Insurance Co Ltd | 5569.9 | 4773.2 | 16.7% | 1.46% | 1.20% |
| Care Health Insurance Ltd | 7,707.1 | 6,522.3 | 18.2% | 2.61% | 2.28% |
| Galaxy Health Insurance Company Ltd | 29.1 | - | - | - | - |
| ManipalCigna Health Insurance Co Ltd | 2,327.3 | 2,078.9 | 12.0% | 0.56% | 0.56% |
| Narayana Health Insurance Ltd | 5.2 | - | - | - | - |
| Star Health & Allied Insurance Co Ltd | 14,628.4 | 14,115.4 | 3.6% | 5.04 | 4.86% |
| Stand Alone Health Insurers sub Total | 36,595.4 | 32,966.0 | 11.0% | 11.72% | 10.72% |
| Specialised Insurers | |||||
| Agriculture Insurance Co Of India Ltd | 11,051.4 | 8,633.6 | 28.0% | 3.22% | 3.41% |
| ECGC Ltd | 1,199.6 | 1,070.0 | 12.1% | 0.42% | 0.41% |
| Specialised Insurers Sub Total | 12,251.0 | 9,703.6 | 26.3% | 3.63% | 3.82% |
| Grand Total | 290,213.2 | 272,289.8 | 6.6% | 100% | 100% |
End
Reported by Shubham Rana
Edited by Deepshikha Bhardwaj
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