Indian general insurance sector logs 27.53% growth in Oct. Four insurers log three digit growth

The Indian general insurance sector logged 27.53% gross direct premium growth last month with four players registering a three digit growth as compared to the previous year’s corresponding period.

According to the industry lobby body General Insurance Council, the sector-including the two specialised insurers- closed last month with a premium income of Rs.30,378.01 crore up from Rs. 23,821.05 crore earned  in October 2023.

The four general insurers who have logged a three digit premium growth are – National Insurance Company (premium Rs.2,488.12 crore, growth 156.70%), Bajaj Allianz General Insurance Company (Rs.3,859.72 crore, 109.86%), Kshema General Insurance (Rs.272.86 crore, 278.29%)  and Agriculture Insurance Company of India (Rs.1,761.03 crore, 200.30%).

Within the sector, the four standalone health insurers booked a premium income of Rs.3,119.06 crore last month up from Rs.2,494.54 crore earned in October 2023.

The two specialised general insurers – ECGC Ltd and Agriculture Insurance Company – had earned Rs.1,862.27 crore last month as against Rs.684.97 crore earned during the previous year corresponding month.

The general insurers who have logged negative growth last month were  HDFC Ergo General Insurance, Navi General Insurance, Royal Sundaram General Insurance and SBI General Insurance.

For the period April-October 2024, the industry earned a total premium of Rs. 1,84,272.08 crore up from Rs. 1,67,620.26 earned during previous  year corresponding period.

Listed and the government owned The New India Assurance leads the industry in terms of market share with 12.26% this fiscal and is followed by ICICI Lombard General Insurance with 9.08% and Bajaj Allianz General with 7.82%.