Seven stand alone health insurers (SAHIs) together have grown their premium income by 30 per cent to Rs 4666 crore in July
Mumbai:Boosted by Health and Motor segments, the Indian general insurance industry has seen a growth of 10.50 per cent year-on-year(Y-o-Y) in the month July though ICICI Lombard General insurance, the second largest domestic general insurer, has degrown its top line by three per cent during the month.
Led by New India Assurance(NIA), the industry’s total premium has surged to Rs 31,000 crore in July as compared to Rs 28,000 crore in the corresponding month of the last fiscal.
In the period between Apr-July, the industry has managed a double digit growth by raising its premium by 11 per cent y-o-y to Rs 1,19.540 crore.
Seven stand alone health insurers (SAHIs) together have grown their premium income by 30 per cent y-o-y to Rs 4666 crore in the reporting month.
State owned NIA’s July premium has increased by five per cent y-o-y to Rs 4323 crore while ICICI Lombard has seen its total premium falling to Rs 2406 crore in July.
Another PSU general insurer United India Insurance has seen its top line soaring by 26 per cent y-o-y to Rs 2847 crore in July and has become the second largest premium grosser in the industry for the month.
Pune based Bajaj General Insurance has seen its premium expanding by 13 per cent to Rs 2375 crore in July.
Tata AIG General Insurance led by Amit Ganoakar has picked up momentum and has grown its premium by 20 per cent to Rs 1872 crore.
Among SAHIs,Star Health Insurance has mobilised a premium of Rs 1803 crore, showing a a growth of 18 per cent y-o-y in July.
G Srinivasan led Galaxy Health Insurance has doubled its premium to Rs 26 crore in July.
Motor portfolio of the industry has increased by 14 per cent y-o-y to Rs 26,425 crore till June while Health premium, led by group health, has gone up by 20 per cent y-o-y to Rs 38,804 crore during the month.