The gross direct premium for all non-life companies during the first half of this fiscal grew 7 per cent to ₹1,53,895 crore as against ₹1,43,802 crore recorded during the April-September 2023 period. However, in September 2024, there was a 6.5 per cent decline in total premium income to ₹27,551 crore from ₹29,476 crore in the same month last year.
Gross written premium for all non-life insurers rose 7 per cent to ₹1,31,244 crore, up from ₹1,23,047 crore in H1 of the previous fiscal. Standalone health insurers saw a robust 25 per cent increase in combined gross premia, totalling ₹18,218 crore compared to ₹14,607 crore, showed data from the General Insurance Council.
Public sector
Among public sector insurers, New India Assurance Co Ltd reported a 3 per cent growth with ₹19,391 crore in premium income, United India Insurance Co Ltd grew 5 per cent to ₹10,068 crore, and Oriental Insurance to ₹10,052 crore (8 per cent). In contrast, National Insurance posted a 6 per cent decline, with premium income falling to ₹7,864 crore. Despite this, New India Assurance remained the leader in the non-life segment.
Private sector
In the private sector, ICICI Lombard General Insurance, the second-largest player in the non-life space, reported a 16 per cent rise in premium income to ₹14,409 crore, while HDFC Ergo saw a marginal increase to ₹8,881 crore. Tata AIG General Insurance posted an 18 per cent growth, reaching ₹8,946 crore, and Reliance General Insurance recorded a 13 per cent increase, totalling ₹7,280 crore. SBI General saw a 16 per cent rise to ₹6,586 crore, while Bajaj Allianz General Insurance reported a 5 per cent decline to ₹10,557 crore.
Other sectors
In the standalone health insurance sector, Star Health continued to lead, with its gross premium income growing 17 per cent to ₹7,813 crore, although its market share dropped to 42.9 per cent from 45.7 per cent a year ago. However, its overall market share in the non-life segment increased to 5.08 per cent from 4.65 per cent. Care Health trailed behind with a 31 per cent rise in premium income to ₹4,160 crore, and Niva Bupa Health reported a 33 per cent increase to ₹3,242 crore.
The combined market share of all standalone health insurers increased to 11.84 per cent in H1 FY24, up from 10.16 per cent in the previous fiscal. Meanwhile, the market share of non-life insurers (excluding health insurers) dropped to 85.28 per cent from 85.57 per cent during the same period.
In the specialised insurance segment, Agriculture Insurance Co of India Ltd experienced a 32 per cent drop in premium income to ₹3,817 crore, while ECGC reported a 9 per cent rise to ₹617 crore.
In September 2024, the gross premium of 25 non-life insurers fell by 3 per cent to ₹22,985 crore, compared to ₹23,706 crore in September 2023. However, standalone health insurers saw a 26 per cent increase in gross premium to ₹3,388 crore, up from ₹2,692 crore in the same period.