Non-life insurers reported a 13.7 per cent year-on-year (Y-o-Y) growth in gross direct premium, underwritten in April-June quarter of FY25 (Q1FY25). This was driven by strong performance in health and motor segments, data released by the General Insurance Council showed.
Premiums earned by non-life insurers in Q1 stood at Rs 72,267.41 crore compared to Rs 63,540.55 crore in Q1.
Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers.
In Q1, general insurers, who operate in multiple business segments, including motor, health and marine, reported a 12.42 per cent Y-o-Y growth to Rs 63,948.72 crore.
According to the data, the public sector general insurers continued to lose market share in Q1. These insurers market share stood at 33.39 per cent compared to 35.7 per cent in Q1 of FY24. The private sector’s market share rose to nearly 55 per cent in Q1.
Among major firms, New India Assurance Company reported a 2.82 per cent growth in premium to Rs 10,670.47 crore and ICICI Lombard General Insurance’s premium grew by 20.37 per cent to Rs 7,687.63 crore. Bajaj Allianz General Insurance’s premium increased 24.46 per cent to Rs 4,716.22 crore.
Further, HDFC Ergo General Insurance reported a 9.63 per cent growth in premium to Rs 3,751.73 crore whereas United India Insurance Company’s premium rose by 15.11 per cent to Rs 5,286.7 crore.
And, Oriental Insurance’s premium rose to Rs 4,696.94 crore, up 13.32 per cent from the year-ago period.
Meanwhile, gross underwritten premiums by the five standalone health insurers increased by 24.85 per cent Y-o-Y to Rs 8,318.69 crore.
Among these insurers, the segment leader, Star Health & Allied Insurance Company, posted 17.83 per cent growth in premiums to Rs 3,474.31 crore.
Further, the premium’s earned by specialised insurers — Agriculture Insurance Company of India — was down 54.38 per cent Y-o-Y whereas ECGC posted 19.05 per cent growth in premium during the time period.
According to insurance sector analysts, robust growth in the health segment post-Covid and revival in motor sales will continue to drive industry growth.
First Published: Jul 09 2024 | 8:57 PM IST
