Non-life insurers posted 15.47 per cent year-on-year (Y-o-Y) growth in gross direct premium underwritten to Rs 20,822.29 crore in May 2024, latest data released by the General Insurance Council showed.The premium of general insurers grew by 14.05 per cent Y-o-Y to Rs 18,170.64 crore. The public sector general insurers clocked 7.28 per cent growth in premium to Rs 6,696.24 crore, whereas their private sector counterparts witnessed an 18.40 per cent improvement to Rs 11,474.4 crore.Among the companies, the industry leader, New India Assurance Company, saw a marginal drop of 0.67 per cent Y-o-Y in premium to Rs 2,404.34 crore.The premium of leading private sector players like ICICI Lombard General Insurance grew by 21.64 per cent Y-o-Y to Rs 2,104.51 crore and Bajaj Allianz General Insurance’s premium increased by 9.26 per cent to Rs 1,093.23 crore during the time period.Among other key insurers, the premium of HDFC Ergo General Insurance dropped by 4.76 per cent to Rs 969.98 crore, whereas United India Insurance Company’s premium rose by 15.75 per cent to Rs 1,696.05 crore and the Oriental Insurance’s premium rose to Rs 1,601.09 crore, 15.75 per cent up from the year-ago period.In terms of market share, the public sector general insurers stood at 33.82 per cent of the overall insurance industry in May 2024 as against 36.45 per cent in May 2023.The private insurers, on the other hand, witnessed an increase in market share to 55.67 per cent in the reported month as compared to 53.92 per cent in the year-ago period.In May 2024, gross underwritten premiums of the five Standalone Health Insurers (SAHI) increased by 26.24 per cent Y-o-Y to Rs 2,651.65 crore.Among the SAHIs, the segment leader, Star Health & Allied Insurance Company, posted 16.09 per cent Y-o-Y growth to Rs 1,160.26 crore.The gross underwritten premium of specialised insurers — Agriculture Insurance Co of India was down 125.90 per cent Y-o-Y, whereas ECGC posted 16.64 per cent Y-o-Y growth in premium during the time period.
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