The non-life insurance sector has witnessed a significant surge in premiums, marking a remarkable growth of 14.74% in December 2023, as revealed by the latest data from the General Insurance Council (GIC). The total premiums soared to Rs 25,098.18 crore, displaying a notable increase from Rs 21,874.61 crore recorded in the corresponding period of the previous year.
In a detailed breakdown, the public-sector general insurance companies experienced a commendable growth of 13.10%. Notably, the collective premiums of leading public insurers, including The New India Assurance Company, National Insurance Company, The Oriental Insurance Company, and United India Insurance Company, surged to Rs 8,314.54 crore from Rs 7,351.51 crore in the same period last year.
The Oriental Insurance Company emerged as a standout performer among the public-sector entities, showcasing a remarkable growth of 29.40% to reach Rs 1,711.14 crore in premiums compared to Rs 1,322.34 crore recorded a year ago. However, National Insurance Company observed a decline of 17% in premiums, amounting to Rs 956.21 crore compared to Rs 1,153.28 crore in the previous year.
In contrast, private general insurers displayed robust growth, witnessing a substantial 16.16% surge in premiums, which totaled Rs 12,696.27 crore compared to Rs 10,929.52 crore in the same period.
Leading the charge among the industry titans, New India Assurance registered a commendable 14.47% rise in premiums, reaching Rs 4,070.17 crore. Top private players like ICICI Lombard General Insurance and Bajaj Allianz General Insurance exhibited impressive growth rates of 19.92% and 17.85%, respectively.
HDFC Ergo General Insurance demonstrated a solid 13.20% increase in premiums, while United India Insurance Company experienced a robust growth rate of 19.46% during the period under review.
Furthermore, the Standalone Health Insurance (SAHI) segment also witnessed substantial growth, with premiums surging by 26.24% in December 2023 to Rs 2,915.37 crore compared to Rs 2,309.35 crore in December 2022.
In terms of market share, the public-sector general insurers constituted 31.76% of the overall insurance industry in December 2023, down from 33.16% in the same period in 2022. Contrarily, private insurers experienced a marginal uptick in market share, reaching 53.85% compared to 51.41% in the previous year.
The notable rise in premiums across both public and private insurance entities underscores the robustness and resilience of the non-life insurance sector, reflecting an upward trajectory in the industry’s performance amidst evolving market dynamics.