Non-Life Insurers Post 5% Premium Growth In June, Shows Data
The largest general insurer, New India Assurance, reported a 10.6% YoY increase in premiums to Rs 3,328 crore.
Non-life insurers have reported a 5.05% year-on-year growth in gross direct premium to Rs 19,916 crore in June, driven by growth in standalone health insurance premium, according to data provided by General Insurance Council.
The largest general insurer, New India Assurance, reported a 10.6% YoY increase in premiums to Rs 3,328 crore, while the second largest, ICICI Lombard General Insurance, posted a 10.4% decline to Rs 1,987 crore.
Among other state-owned insurers, United India Insurance reported an 11.4% YoY rise, National Insurance saw a 26% growth, and Oriental Insurance's premiums rose 13.5%.
Among major private general insurers, Bajaj Allianz General reported over 17% YoY growth to Rs 1,445 crore, while HDFC Ergo saw a decline of 17.4% to Rs 870 crore.
Standalone health insurers reported robust growth of 10.4% YoY in premiums in June, reaching Rs 3,340 crore. Niva Bupa Health Insurance logged a 15.5% growth to Rs 594 crore, whereas Star Health and Allied Insurance reported a 2.8% YoY growth to Rs 1,338 crore.
