Non-Life Insurers' Revenue Rises On All-Round Growth In June
Revenue of non-life insurers rose in June, aided by growth across categories.
The industry's gross premium underwritten rose 16% over the previous month to Rs 17,811 crore in June, according to the provisional data released by General Insurance Council. Revenue also increased 21% year-on-year.
Revenue of general insurers that cover home, travel, motor, health, fire and other natural or man-made calamities rose 15% over the preceding month to Rs 15,639 crore in June. Year-on-year, it rose 20%.
Standalone private health insurers' revenue was up 17% month-on-month at Rs 2,005 crore. It jumped 33% from a year earlier.
Revenue for specialised state-run non-life insurers surged 29% over May to Rs 167 crore. It, however, fell 20% over June 2021
Among the general insurers, quarterly revenue of private general insurers grew faster than public peers in the quarter ended June, according to data published by the council.
Private general insurers reported a 34% growth in their gross premiums for the April-June period on a year-on-year basis as against a 10% growth in revenues reported by the public general insurers during the period.
How India's three listed non-life insurers fared in June:
ICICI Lombard General Insurance
Revenue grew 11% month-on-month, while it jumped 54% year-on-year to Rs 1,589 crore in June.
For the quarter ended June, revenue rose 44% year-on-year up 15% sequentially at Rs 5,370 crore.
Market share at 9.86% as of June compared with 8.43% a year earlier and 10.31% in May.
The New India Assurance
Gross premium rose 25% over the previous month and 0.3% year-on-year to Rs 2,759 crore in June.
For the April-June period, revenue stood at Rs 9,550 crore, up 8% year-on-year and 35% sequentially.
In June, it was the market leader with a share of 17.53%. That compares with 19.93% a year earlier and 18.51% in May 2022.
Star Health & Allied Insurance
Gross premium for the standalone health insurer rose 11% over the previous month, while it rose 10% year-on-year to Rs 950 crore.
For the quarter ended June, gross premiums declined 33% sequentially to Rs 2,466 crore but rose 13% year-on-year.
Market share stood at 4.53% as of June 2022 against 4.93% at the end of June 2021 and 4.13% in the previous month.
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