In a note worthy trend, seven stand alone health insurers have now captured 11.58 per cent of the market share in the general insurance industry in the first seven months of the current fiscal. It was 10.20 per cent in the corresponding period of the last fiscal
Mumbai: The Indian general insurance industry, led by New India Assurance, has seen an higher upswing of 27.53 per cent in its premium income to Rs 30,378 crore in the month of Oct.
In the first 10 months, the industry has grown almost 10 per cent to Rs 1,84, 270 crore.
The industry excluding the stand alone health insurance company, at Rs 25,397 crore , has expanded by 23.04 per cent during the month of November while in APR-Oct period it has increased by nine per cent to Rs 1,56,640 crore .
Seven stand alone health insurers, led by Star Health, have seen their top line, at Rs 3,119 crore, rising by 25 per cent in the month of Oct while in Apr-Oct period, it has soared by 25 per cent to Rs 21,336 crore.
In a note worthy trend, seven stand alone health insurers have now captured 11.58 per cent of the market share in the general insurance industry in the first seven months of the current fiscal. It was 10.20 per cent in the corresponding period of the last fiscal.
The industry’s largest player NIA has recorded a marginal growth in Oct as the IRDAI now wants players not to show their long term premium at one go and instead spread it on the basis of term of the policies.
With effective October 1, 2024 IRDAI has revised format of reporting premium figures, and long-term premium have to be reported on basis of 1/N where N is numbers of days of the policy. Some companies have uploaded original figures as earlier and some companies have gone by new IRDAI format. So, numbers are not comparable in the month of October, said the General Insurance Council, the official representative body of domestic general insurers.
