The entire direct premium of 25 non-life insurers rose 14 per cent to ₹18,171 crore in Might 2024, up from ₹15,933 crore in Might 2023. Standalone well being insurers noticed a 26% enhance in gross direct premium, reaching ₹2,652 crore in comparison with ₹2,100 crore the earlier yr, in response to knowledge from the Basic Insurance coverage Council.
Two specialised insurers, Agriculture Insurance coverage Co of India Ltd and ECGC, skilled a 48 per cent decline of their mixed gross premium, falling to ₹85 crore in Might 2024 from ₹165 crore in Might 2023
- Learn:Non-life insurance coverage to develop 13-15% within the medium time period
For the April-Might 2024 interval, gross written premium of all non-life gamers elevated by 15 per cent at ₹45,090 crore (₹39,279 crore in April-Might 2023), whereas the mixed gross premium of 5 standalone well being insurers rose 27 per cent at ₹5,295 crore (₹4,185 crore).
Robust development within the well being section post-CovidD and revival in motor gross sales shall proceed to drive business development, in response to a report of Nuvama Wealth Administration.
Amongst public sector corporations, New India Assurance Co Ltd reported a marginal 2% development in gross premiums in the course of the first two months of this fiscal yr. United India Insurance coverage, Nationwide Insurance coverage, and Oriental Insurance coverage recorded development charges of 13%, 10%, and 13%, respectively.
Within the personal sector, most non-life insurers achieved double-digit development, though Iffco Tokio, Liberty Basic, and Navi Basic Insurance coverage noticed declines of their gross premium development throughout the identical interval.
Regardless of a drop in its market share from 17.07% in April-Might 2023 to fifteen.15% in April-Might 2024, New India Assurance Co Ltd remained the chief within the non-life section. ICICI Lombard Basic Insurance coverage was the second largest participant, with its market share growing to 10.81% from 10.21% the earlier yr. United India was the third largest participant, with a market share of seven.35%, down from 7.50% a yr in the past.
Within the standalone medical health insurance sector, Star Well being maintained its main place with a market share of 41.06%, although this was down from 43.56% in April-Might 2023. Nonetheless, its market share within the total non-life section elevated to 4.3% from 4.16%.
All 5 standalone well being insurers elevated their total market share in the course of the April-Might 2024 interval, with their mixed market share rising to 10.47% from 9.55% a yr in the past. The mixed market share of all non-life insurers, excluding well being gamers, stood at 89.13 per cent (89.65 per cent).
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