The Health portfolio, at Rs 90,788 crore, has remained the largest business for the industry till Jan 2024, followed by Motor(Rs74,500 crore) and Crop(Rs 25,549 crore)
Mumbai:
Propelled by a few private sector and PSU general insurers insurers along with the Health insurance business, the general insurance industry is likely to close the current fiscal with over premium of Rs 3 trillion.
During FY 23, the industry consisting of 32 players, had mobilised a total premium of Rs 2.55 trillion.
With just another few days for the fiscal to come to an end , the industry has already reached Rs 2.40 trillion, by the Jan end, showing a year- on-year (y-o-y) growth of 13.13 per cent.
However, at Rs 27,220 crore, the industry has recorded the slowest growth, showing a single digit y-o-y growth of 7 per cent in the month of January.
The PSUs, at 32 per cent, have managed to regain a bit of their market share through their performance till January.
New India Insurance(NIA), the largest multinational general insurer, has grown its premium by 3 per cent y-o-y to Rs 3,264 crore in the month of January. Among the PSU pack, Chennai based United India Insurance(UII) has recorded the highest growth, at Rs 2259 crore, showing a y-o- y growth of of almost 15 per cent during the reporting period.
The private sector general insurance companies, led by ICICI Lombard General Insurance, has expanded their top line by more than 15 per cent to Rs 14,685 crore in the month of January.
Five stand alone health insurers (SAHI), at Rs3297.77 crore, have reported a growth of 30 per cent in their top line in the month of January.
The Health portfolio, at Rs 90,788 crore, has remained the largest business for the industry till Jan 2024 followed by Motor(Rs74,500 crore) and Crop(Rs 25,549 crore).