 "insurance stocks, share market, shares")
The monthly premiums of non-life insurance companies grew by 14.74 per cent in December 2023 to Rs 25,098.18 crore from Rs 21,874.61 crore in the year-ago month.
According to the General Insurance Council (GIC)’s monthly data, public-sector general insurance companies grew 13.10 per cent. The overall premium of the companies comprising The New India Assurance Company, National Insurance Company, The Oriental Insurance Company, and United India Insurance Company increased to Rs 8,314.54 crore from Rs 7,351.51 crore in the year-ago period.
The Oriental Insurance Company posted the highest growth of 29.40 per cent among public-sector companies to Rs 1,711.14 crore from Rs 1,322.34 crore. National Insurance Company posted a 17 per cent fall in the premium to Rs 956.21 crore from Rs 1,153.28 crore a year ago. The growth of the private general insurers increased by 16.16 per cent to Rs 12,696.27 crore as compared to Rs 10,929.52 crore across the time period.
Among the leading insurance companies, industry leader New India Assurance saw 14.47 per cent rise in premium to Rs 4,070.17 crore. The leading private sector players, ICICI Lombard General Insurance, clocked 19.92 per cent growth whereas Bajaj Allianz General Insurance grew by 17.85 per cent in its premium.
Among other key players, while HDFC Ergo General Insurance grew by 13.20 per cent, United India Insurance Company rose by 19.46 per cent across the time period.
Premiums of the Standalone Health Insurance (SAHI) increased 26.24 per cent in December 2023 to Rs 2,915.37 crore from Rs 2,309.35 crore in December 2022.
In terms of the market share, the public-sector general insurers stood at 31.76 per cent of the overall insurance industry in December 2023 as against 33.16 per cent in December 2022. The private insurers, on the other hand, witnessed slight rise in market share to 53.85 per cent in the reported month as compared to 51.41 per cent in the year ago period.
