In December 2023, the Indian insurance sector continued its growth trend, with the Gross Direct Premium Income of general insurers (excluding specialised companies) increasing by 16.2% year-on-year.
General insurers, excluding standalone health insurers, recorded a significant 14.9% YoY growth in GDPI for December 2023, while standalone health insurers saw a robust 26% YoY growth in GDPI during the same period. Standalone health insurers continue to aid the overall non-life insurance numbers.
Bajaj Allianz
The company reported a 17.9% YoY rise in GDPI for December 2023.
The growth number is slower than the year-to-date growth of 33.9% clocked by the insurer but the company continues to gain market share.
ICICI Lombard
The company demonstrated a 19.9% YoY increase in GDPI for December.
YTD growth for the company has been at 16.2%.
New India Assurance
The company managed to maintain its market share with a 14.5% YoY GDPI growth in December. YTD the company has lagged slightly behind the industry's 15% growth rate, growing just 9%.
Star Health
The insurer experienced a 14.7% YoY GDPI growth for the month of December, with market share contracting.
The YTD performance has been marginally better with a 17.5% YoY increase in GDPI.
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