India's non-life insurers continued their strong growth trajectory in May, reporting an 18% growth in revenues over last year.
This was "over a relatively strong base last year when premiums rose 25% year-on-year", said Rishi Jhunjhunwala, insurance analyst with IIFL Securities .
The gross premium underwritten by non-life insurers in May 2023 rose 18% year-on-year to Rs 18,196 crore, according to provisional data released by the General Insurance Council.
The robust growth was aided by double-digit growth across all segments, with standalone private health insurers and specialised state-run non-life insurers outpacing general insurers' growth.
Sequentially, revenues were off the record highs hit in April. Premiums fell by 29%.
Revenue for specialised state-run non-life insurers reported the strongest year-on-year revenue growth. It rose 27% over May last year to Rs 165 crore.
Standalone private health insurers' gross underwritten premiums rose 23% from a year earlier to Rs 2,098 crore.
The revenue of general insurers—offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities—rose 17% over the preceding year to Rs 15,933 crore in May 2023. Within general insurers, private insurers outpaced public sector insurers, growing 21% over last May. That compares to public-sector insurers, which grew 13% year-on-year.
Sequentially, only standalone private health insurers reported a marginal increase of 0.7% in revenues, while both specialised state-run non-life insurers and general insurers reported declines of 11% and 32%, respectively.
Here's how India's three listed non-life insurers fared in May 2023:
ICICI Lombard General Insurance
Revenue rose 21% year-on-year to Rs 1,730 crore.
Market share fell to 10.21% in May from 10.31% a year earlier.
Premiums declined 37% sequentially.
The New India Assurance
Gross premium was up 10% over the previous year at Rs 2,420 crore in May.
Market share fell to 17.07% from 18.51% a year earlier.
Revenues fell 52% over the previous month.
Star Health & Allied Insurance
The gross premium for the standalone health insurer rose 16% over the previous year to Rs 998 crore in May.
Market share rose marginally to 4.16% in May, as against 4.13% a year earlier.
The insurer reported a 21% growth in premiums over April, unlike the other listed peers.
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