India's non-life insurers' revenue fell for the second straight month in October as premiums dipped across all categories—general, health, and specialised state-run insurers.
The gross premium underwritten for non-life insurers fell 11% over the previous month to Rs 20,423 crore in October, according to the provisional data released by the General Insurance Council. However, revenue increased 16% year-on-year.
Revenue was up 24% from the pre-pandemic month of October 2019, when it was Rs 15,855 crore.
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Specialised state-run non-life insurers recorded the highest slump in revenue. The premium fell 94%, over the September surge, to Rs 95 crore. It was also down 77% over October 2021.
Revenue of general insurers that covers home, travel, motor, health, fire, and other natural or man-made calamities fell 3% over the preceding month to Rs 18,391 crore in October. Year-on-year, it rose 17%.
Standalone private health insurers' revenue fell 12% month-on-month to Rs 1,938 crore, but was up 20% from a year ago.
Here's how India's three listed non-life insurers fared in October:
ICICI Lombard General Insurance
Revenues surged 32% month-on-month and 22% year-on-year to Rs 2,047 crore in October.
Market share widened to 8.7%, as of October, versus 8.2% a year earlier and 8.4% in September 2022.
The New India Assurance
Gross premium rose 8% over the previous month and 3% year-on-year to Rs 2,784 crore in October.
In October, its market share fell to 13.8% from 15.5% a year earlier and 13.9% in September 2022.
Star Health & Allied Insurance
Gross premium for the standalone health insurer fell 11% over the previous month, while it rose 12% year-on-year to Rs 957 crore in October.
Market share stood at 4.5% as of October 2022 against 4.7% at the end of October 2021 and 4.5% in the previous month.
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