India's non-life insurers' revenue fell for the third straight month in November. General insurers saw premiums fall over the previous month, while health and specialised state-run insurers registered growth.
The gross premium underwritten by non-life insurers fell 6% over the previous month to Rs 19,209 crore in November, according to the provisional data released by the General Insurance Council. However, revenue rose 22% year-on-year.
Revenue was up 28% from the pre-pandemic month of November 2019, when it was Rs 14,981 crore.
General insurers that cover home, travel, motor, health, fire, and other natural or man-made calamities saw their revenue decline 7% over the preceding month to Rs 17,047 crore in November. Year-on-year, it rose 26%.
Standalone private health insurers' revenue rose 5% month-on-month to Rs 2,026 crore and was up 34% from a year ago.
Premiums of specialised state-run non-life insurers increased 44% in October to Rs 136 crore. However, it was down 79% over November 2021.
Here's how India's three listed non-life insurers fared in November:
ICICI Lombard General Insurance
Revenues fell 12% month-on-month but were up 19% year-on-year at Rs 1,795 crore in November.
Market share increased to 8.71% in November, compared with 8.31% a year earlier and 8.65% in October 2022.
The New India Assurance
Gross premium fell 15% over the previous month but was up 6% year-on-year at Rs 2,380 crore in November.
In November, its market share fell to 13.63% from 15.39% a year earlier and 13.84% in October 2022.
Star Health & Allied Insurance
Gross premium for the standalone health insurer rose 2% over the previous month and 16% year-on-year to Rs 977 crore in November.
Market share stood at 4.59% in November, against 4.77% a year earlier and 4.54% in the previous month.
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