Bajaj Allianz General Insurer with a premium base of Rs3762 crore , a y-o-y growth of 51 per cent, has overtaken ICICI Lombard General insurance in garnering the largest premium in the month of July
Mumbai:
The Indian general insurance industry has grown by 13.82 per cent year on year (y-o-y) in the month of July to Rs 26,629 crore with private sector insurers leading the show.
The private sector general insurers, led by Bajaj Allianz General Insurance, have expanded their premium base by 26.23 per cent y-o-y to Rs 14.655 crore while the four major PSUs have grown their premium by 7 per cent y-o-y to Rs 8604 crore in the reporting month.
The private sector general insurers, including five stand alone health insurers, have seen their market share going up to 64.12 per cent as of July, 2023 from 60.82 per cent in July, 2022.
Bajaj Allianz General Insurer with a premium base of Rs 3762 crore , a y-o-y growth of 51 per cent, has overtaken ICICI Lombard General insurance in garnering the largest premium in the month of July.
ICICI Lombard General Insurance has grown its premium by 22 per cent y-o-y to Rs 2389 crore in July.
SBI General Insurance has increased its premium by 61 per cent y-o-y to Rs 1098 crore during the month.
In the first four months of fy2023-24, the multiline private sector general insurers have expanded their premium by 22 per cent y-o-y to Rs 48,863 crore while the four major PSU general insurers, New India Assurance, National Insurance Company(NIC), United India Insurance and Oriental Insurance Company(OIC), have recorded a single digit growth of 9.18 per cent y-o-y to Rs 31.309 crore.
Kolkata based NIC , for the first time, has degrown its premium by 15 per cent y-o-y to Rs 8604 crore in July as it is now putting a brake on its loss making motor premium particularly by insuring Maruti cars, said industry sources.
Five SAHIs, led by , Star Health & Allied Insurance have recorded a premium growth of 24 per cent y-o-y to Rs 2665 crore in the month of July while during Apr-July period, they have expanded their premium by 26 per cent y-o-y to Rs 9322 crore.