Non-life insurance companies witnessed a 14.86 per cent year-on-year (Y-o-Y) increase in their monthly premia in the first half of 2023-34, driven by strong performance across major companies, according to data from General Insurance Council.
In September 2023 alone, general insurers saw their premia rise by 29.06 per cent to Rs 23,706.35 crore, up from Rs 18,999.90 crore in the same month of the previous year.
Public sector general insurers, in the past six months, experienced a surge of 30.64 per cent in premia, while private insurers recorded an increase of 21.49 per cent.
Among insurers, industry leader New India Assurance witnessed an 11.74 per cent increase in premia to Rs 2,885.73 crore. Major private players Bajaj Allianz General Insurance and ICICI Lombard General Insurance saw their premia grow by 50 per cent and 13.80 per cent, respectively.
National Insurance led public sector companies with a 120 per cent YoY jump in premia to Rs 2,314.84 crore. Standalone Health Insurance (SAHI) premia increased by 22.92 per cent in September 2023 to Rs 2,693.91 crore, from Rs 2191.66 crore in September 2022.
In terms of market share, public sector general insurers held 31.99 per cent of the overall insurance industry in September 2023, down slightly from 32.76 per cent in September 2022, due to a decrease in the market share of New India Assurance and United India Assurance.