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In May 2024, the gross direct premium for all non-life insurance companies grew by 15% to ₹20,908 crore, compared with ₹18,198 crore in May 2023. Standalone health insurers outpaced the overall industry growth.
The total direct premium of 25 non-life insurers rose 14 per cent to ₹18,171 crore in May 2024, up from ₹15,933 crore in May 2023. Standalone health insurers saw a 26% increase in gross direct premium, reaching ₹2,652 crore compared to ₹2,100 crore the previous year, according to data from the General Insurance Council.
Two specialized insurers, Agriculture Insurance Co of India Ltd and ECGC, experienced a 48 per cent decline in their combined gross premium, falling to ₹85 crore in May 2024 from ₹165 crore in May 2023
For the April-May 2024 period, gross written premium of all non-life players increased by 15 per cent at ₹45,090 crore (₹39,279 crore in April-May 2023), while the combined gross premium of five standalone health insurers rose 27 per cent at ₹5,295 crore (₹4,185 crore).
Strong growth in the health segment post-CovidD and revival in motor sales shall continue to drive industry growth, according to a report of Nuvama Wealth Management.
Among public sector companies, New India Assurance Co Ltd reported a marginal 2% growth in gross premiums during the first two months of this fiscal year. United India Insurance, National Insurance, and Oriental Insurance recorded growth rates of 13%, 10%, and 13%, respectively.
In the private sector, most non-life insurers achieved double-digit growth, although Iffco Tokio, Liberty General, and Navi General Insurance saw declines in their gross premium growth during the same period.
Despite a drop in its market share from 17.07% in April-May 2023 to 15.15% in April-May 2024, New India Assurance Co Ltd remained the leader in the non-life segment. ICICI Lombard General Insurance was the second largest player, with its market share increasing to 10.81% from 10.21% the previous year. United India was the third largest player, with a market share of 7.35%, down from 7.50% a year ago.
In the standalone health insurance sector, Star Health maintained its leading position with a market share of 41.06%, though this was down from 43.56% in April-May 2023. However, its market share in the overall non-life segment increased to 4.3% from 4.16%.
All five standalone health insurers increased their overall market share during the April-May 2024 period, with their combined market share rising to 10.47% from 9.55% a year ago. The combined market share of all non-life insurers, excluding health players, stood at 89.13 per cent (89.65 per cent).
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