In the first nine months(Apr-Dec) of FY 23-24, the industry has grown by 7.83 per cent year on year(y-o-y) to Rs 2.30.181crore
Mumbai: Post segregation of long- term business from monthly premium figures, the general insurance industry has slowed down a bit in December, 2024 and has garnered Rs 25,081 crore during the month as compared to Rs 25,102 crore in Dec 2023.
This is the second time, after Sept,2024, the industry has recorded a negative growth in its monthly premium figures.
Particularly, the multiline general insurers have seen their top lines falling to Rs 20,177 crore in Dec 24 from Rs 21,010 crore in Dec, 23 despite public sector general insurers, except United India Insurance, have mobilised higher premium, over Dec,23, during the month.
Among big private sector multiline general insurers, ICICI Lombard General Insurance, Bajaj General Insurance and HDFC Ego General Insurance have cut down their top lines during the reporting month.
However, the stand alone health insurers (SAHIs) have grown their premium by 5.19 per cent to Rs3069 crore in Dec 24.
In the first nine months(Apr-Dec) of FY 24-25, the industry has grown by 7.83 per cent year on year(y-o-y) to Rs 2.30.181 crore. In the nine months period also, the SAHIs, led by Star Health Insurance, have grown by almost 20 per cent to Rs 26,720 crore. They have also expanded their market share by over 100 basis points from 10.54 per cent to 11.61 per cent.
However, analysts have pointed out Irdai has recently revised format for reporting and excluded premium from long term policies from reporting figures from Oct , 2024. Since all the companies have deducted their long-term premium accordingly for current year and therefore the growth rates reported for the current year can’t be compared with the last year.