In a move that supported the growth of the industry, New India Assurance(NIA), the country’s largest general insurer, after lying low with a single digit growth for the last few quarters, has expanded its topline by 14.47 per cent to Rs 4,070 crore in the month of December
Maintaining its growth momentum, the total premium collected by the non-life insurance industry for the month of December 2023 has risen by Rs 25,098.18 crores, up by 14.74 per cent, as against Rs 21,874.61 crores in the same month of the previous year.
In a move, that provided boost to the growth of the industry, New India Assurance(NIA), the country’s largest general insurer, after lying low with a single digit growth for the last few quarters, has expanded its topline by 14.47 per cent to Rs 4,070 crore in the month of December.
Though during Apr-Dec period, NIA’s premium growth at 9.04 per cent, is still at single digit, Neerja Kapur, CMD of the company, earlier had indicated that the insurer would like to end the fiscal with a double digit growth of 12 per cent during FY2023-24.
The total premium collected by the industry over the three quarters is recorded at Rs 2,13,486.06 crores as against Rs 1,87,232.59 crores, registering an increase of 14.02 per cent, in the same period of the previous year.
With NIA bouncing back, the four public sector general insurers have been able to grow their market share at 31.76 per cent sequentially (31.52 per cent in November) though year over year, they have shed 2,7 per cent to the private sector companies including multiline general insurers and stand alone general insurers(SAHIs).
Public sector insurers, led by NIA ended the month of December 2023 with a total premium of Rs 8,314.55 crores, up13.10 per cent, as against Rs 7,351.51 crorers, recorded in the year-ago period .
NIA, the country’s largest general insurer, after lying low with a single digit growth for the last few quarters has expanded its topline by 14.47 per cent to Rs 4,070 crore in the month of December.
Similarly, private sector insurers led by ICICI Lombard General, have mobilised a premium of Rs 12,696 crore, up 16.6 per cent, during the reporting month.
The other top performers in the private sector space during the the month are, HDFC Ergo General Insurance, which has grown its premium by 13.2 per cent to Rs 1671.32 crore, Bajaj Allianz General Insurance (Rs1425 crore, with a growth of 18 per cent)TATA AIG General Insurance(Rs 1209 crore, 3.30 per cent), SBI General insurance (Rs1001, 50 per cent)
The SAHIs, led by Star Health Insurance, have grown their premium by 26.24 per cent to Rs 2915 crore in the month of December. Star Health Insurance has recorded a premium of Rs1336 crore, up, 15 per cent during the month of December , 2023.
Among the four PSU general insurers, despite facing solvency issues, Oriental Insurance Company(OIC) has grown its premium by almost 30 per cent to Rs 1711 crore while Chennai based United India has expanded its premium by 20 per cent to Rs 1577 crore during the month of December.
Health Insurance till the month of December, has continued as the largest segment in the industry by contributing 37.39 per cent of the premium at Rs 70,480 crore, with growth of 21.15 per cent.
Motor Insurance, once a leader in the industry, has generated Rs 57,927 crore, with a growth of 15 per cent, and now contributes only 30.73 per cent of revenue general insurnace industry.