Non-Life Insurers premiums up 9.3% in July: General Insurance Council

The motor insurance and health insurance segments have been driving the growth in the non-life insurance industry so far in FY25, industry experts suggested

The non-life insurance industry reported a 9.28 per cent year-on-year (Y-o-Y) increase in gross direct premium underwritten in July 2024, aided by the performance of standalone health insurers and specialised public sector undertaking (PSU) insurers, according to data released by the General Insurance Council on Wednesday.

The motor and health insurance segments have been driving growth in the non-life insurance industry so far in FY25, industry experts said.

Data shows premiums earned by non-life insurers in July stood at Rs 29,032.29 crore, compared to Rs 26,567.26 crore in the year-ago period. Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers.

Further, in April–July of FY24, non-life insurers, who operate in multiple business segments, including motor, health and marine, reported a 12.15 per cent Y-o-Y growth in premiums to Rs 1.01 trillion. Standalone health insurers reported a 24.45 per cent Y-o-Y jump in premiums to Rs 11,601 crore, and specialised PSU insurers saw a 13.5 per cent growth to Rs 1,581.44 crore, the data showed.

 

While PSU general insurers clocked 7.75 per growth in premiums during this period, private sector insurers reported 10.69 per cent growth.

Among major companies, in July, New India Assurance – the largest non-life insurer – reported a 9.31 per cent growth in premium to Rs 3,557.56 crore.

ICICI Lombard General Insurance’s premium grew by 15.74 per cent to Rs 2,765.42 crore but Bajaj Allianz General Insurance’s premium decreased 35.8 per cent to Rs 2,415.53 crore.

Further, United India Insurance Company’s premium rose marginally by 0.75 per cent to Rs 2,068.94 crore and Oriental Insurance’s premium went up to Rs 2,183.36 crore,  a rise of 5.65 per cent from the year-ago period. 

Additionally, HDFC Ergo General Insurance reported a 36.51 per cent growth in premiums to Rs 1,651.59 crore

Meanwhile, gross underwritten premiums by the five standalone health insurers increased by 23.19 per cent to Rs 3,282.53 crore. 

Among them, the segment leader, Star Health & Allied Insurance Company, posted 15.47 per cent growth in premiums to Rs 1,469.71 crore.

Further, premium’s earned by specialised insurers – Agriculture Insurance Company of India was up by 51.23 per cent whereas ECGC posted 28.09 per cent growth in premium during the time period.