Non-life insurance premium grew 18.1% to Rs 18,031.48 crore in May

New India Assurance Co Ltd, the largest government-owned general insurance player reported a growth of 9.67% to Rs 2421 crore while private sector insurer ICICI Lombard grew by 21% to Rs 1730 cr

Non-insurance sector reported an 18.06 per cent rise year-on-year to Rs 18,031.48 crore for May (excluding specialised companies, Agricultural Credit Insurance Company of India, and ECGC), the latest data released by the General Insurance Council showed.

The general insurance companies, which is 91 per cent of the non-life market, grew 17.45 per cent in May to Rs 15,933 crore while health insurance companies reported a 22.94 rise to Rs 2,098 crore.

New India Assurance Co, the largest government-owned general insurance player, grew 9.67 per cent to Rs 2,421 crore while ICICI Lombard grew by 21 per cent to Rs 1,730 crore. The New India Assurance’s market share improved to 18.51 per cent in May as compared to 17.07 per cent during the same period of last year while ICICI Lombard’s market share marginally declined to 10.21 per cent from 10.31 per cent a year ago.