Business Standard

Non-life insurers’ Feb premium up 13%

Market share of private insurers increases to 53.79 per cent


Non-life insurers posted a nearly 13 per cent year-on-year (Y-O-Y) growth in gross direct premium underwritt­en in February 2024. But there was a sequential dip in their revenue.

According to the monthly data released by the General Insurance Council (GIC), the gross direct premium underwritt­en (GDPW) of the non-life insurers in February was ~22,387.39 crore, up 12.6 per cent from ~19,873.62 crore in the yearago month. But in January, it was over ~27,200 crore. The premium of general insurers grew by 11.6 per cent Y-O-Y to ~18,284.16 crore in February this year.

The public sector general insurers clocked 10.3 per growth in premium to ~6,417.44 crore, whereas, the private sector counterpar­ts witnessed 12.33 per cent increase to ~11,866.72 crore.

Among the companies, the industry leader, The New India Assurance Company saw just 4.3 per cent Y-O-Y growth in premium to ~2,417.33 crore. The premium of leading private sector players like ICICI Lombard General Insurance grew by 38.6 per cent Y-O-Y to ~1,854.19 crore while Bajaj Allianz General Insurance’s increased by 38.5 per cent to ~1,294.8 crore in February.

Among other key insurers, HDFC Ergo General Insurance’s premium was up by just 4.7 per cent to ~1,546.3 crore, whereas United India Insurance Company’s premium surged 24.7 per cent to ~1,627.12 crore and Oriental Insurance’s premium rose 14.2 per cent Y-O-Y to ~1,443.2 crore, in February 2024. In April-february period of FY24, the general insurance companies’ GDPW grew by 14.7 per cent Y-O-Y to ~2.24 trillion, where again, private players have posted faster growth than their public sector peers. In terms of the market share, the public sector general insurers stood at 31.35 per cent of the overall insurance industry in February 2024 as against 32.55 per cent in February 2023.

The private insurers, on the other hand, witnessed an increase in market share to 53.79 per cent in the reported month as compared to 51.39 per cent in the year ago period.

In a report, Careedge Ratings noted that the Indian non-life insurance market will grow at a rate of nearly 13 per cent – 15 per cent in the medium term backed by healthy growth in the health and motor segments. In February 2024, the GDPW of the five Standalone Health Insurers (SAHI) increased 29.3 per cent to ~3,000.17 crore from ~2,319.69 crore in the year-ago period. Among the SAHIS, the segment leader, Star Health & Allied Insurance Company posted 19.3 per cent Y-O-Y growth in premium to ~1,413.8 crore in February 2024. In April-february period of FY24, the SAHIS reported 26.2 per cent growth in premium to ~28,799.01 crore over the year ago period.

The GDPW of specialise­d insurer Agricultur­e Insurance Company of India was down 9.3 per cent Y-O-Y whereas ECGC posted 21.7 per cent Y-O-Y growth in premium during the time period.

 ?? ??
 ?? ??

Newspapers in English

Newspapers from India