General Insurance Premium Growth Slows In November

The general insurance industry saw a 4.41% year-on-year increase in premiums in November, according to data released on Tuesday. This represents a slowdown from October, when premiums rose 28%.

In comparison to the previous year, the total premium rose 7.37%. Cumulatively, the sector recorded an 8.91% rise in premiums for the April–November period, according to data on General Insurance Council.

In November, general insurers premiums rose 1.41%, but the market share of this segment decreased slightly to 85.1%, down from 85.86% in November last year.

ICICI Lombard General Insurance Co. saw a 2.65% drop in premiums in November, but its premiums rose 12% in the April–November period. Its market share has increased by 22 basis points this fiscal.

The New India Assurance Co. reported a 6.09% increase in premiums in November and a 2.96% rise over the April–November period.

Bajaj Allianz General Insurance Co. experienced a 12% jump in premiums in November, while HDFC Ergo General Insurance Co. saw a significant decline of 21.48% in premiums for the month.

Standalone health insurers led the premium growth with a 10% rise. Their market share also grew to 11.53% this year, up from 10.40% in the same period last year.

Aditya Birla Health Insurance Co. saw a 16% rise in premiums in November, along with an increase in market share at 1.37%. Niva Bupa Health Insurance Co., which was recently listed, also reported a 15% rise in premiums last month.

Star Health & Allied Insurance Co. recorded a 7.69% increase in premiums in November, and its market share rose to 4.98%.

The specialised insurers segment posted a dramatic 196% growth in premiums, largely driven by Agriculture Insurance Co., which saw a nearly fourfold growth in premiums in November. However, for the April– November period, its total premiums fell 2.96% and its market share declined to 2.97%.