Non-Life Insurers Reported Highest-Ever Monthly Revenue In July

India's non-life insurers recorded highest-ever revenues in July, aided by growth across categories.

The industry’s gross premium underwritten rose 31% over the previous month to Rs 23,392 crore in July, according to the provisional data released by General Insurance Council. Revenue also increased 16% year-on-year.

In July 2019, the revenue was Rs 14,370 crore.

• Revenue of general insurers that cover home, travel, motor, health, fire and other natural or man-made calamities rose 26% over the preceding month to Rs 19,659 crore in July. Year-on-year, it rose 19%.

• Standalone private health insurers’ revenue was up 7% month-on-month at Rs 2,146 crore. It jumped 24% from a year ago period.

• Revenue for specialised state-run non-life insurers surged 8.5 times over June to Rs 1,587 crore. It, however, fell 19% over July 2021.

How India’s three listed non-life insurers fared in July:

ICICI Lombard General Insurance

• Revenue grew 23% month-on-month, while it jumped 66% year-on-year to Rs 1,960 crore in July.

• Market share at 9.41% as of July compared with 7.62% a year earlier and 9.86% in June 2022.

The New India Assurance

• Gross premium rose 8% over the previous month and 9% year-on-year to Rs 2,989 crore in July.

• In July, it was the market leader with a share of 16.1%. That compares with 17.95% a year earlier and 17.53% in June 2022.

Star Health & Allied Insurance

• Gross premium for the standalone health insurer rose 15% over the previous month, while it rose 8% year-on-year to Rs 1,089 crore in July.

• Market share stood at 4.57% as of July 2022 against 4.95% at the end of July 2021 and 4.53% in the previous month.