General insurers’ premium increases 18.3% in July

General insurance companies in India witnessed an 18.3 per cent increase in premiums in July, amounting to Rs 23,259 crore. In the first four months of the current financial year, these firms saw a growth of 17 per cent, collecting premiums totaling Rs 80,177 crore.

Stand-alone health insurers reported a growth of 24 per cent to Rs 2,665 crore in July, and a 25.8 per cent rise to Rs 9,322 crore in the first four months.

Non-life insurers (excluding specialised insurers) reported a premium growth of 18.9 per cent to Rs 25,924 crore in July. These insurers experienced a growth of 17.9 per cent in the first four months.

New India Assurance, the largest general insurer holding a 15 per cent market share, saw its premium income grow by 8.9 per cent to Rs 3,255 crore in July.

ICICI Lombard, the leading private general insurance company with a 9.66 per cent market share, experienced a 21.91 per cent growth, with its July premium amounting to Rs 2,389 crore.