General Insurers Lift Non-Life Insurers' April Revenues
Strong growth in general insurance in April helped cushion revenue for non-life insurers in an seasonally slow month. Listed general insurers saw their revenues rise substantially in April, both sequentially and compared to a year ago.
The industry’s gross premium underwritten fell 1% over the previous month to Rs 21,327 crore in April, according to data released by the Insurance Regulatory and Development Authority of India. However, revenue increased 24% year-on-year.
General insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, reported an 11% increase in revenue over the preceding month at Rs 19,706 crore in April. Year-on-year, it rose 24%.
Standalone private health insurers’ revenue fell 45% month-on-month to Rs 1,550 crore. It was up 29% over the year earlier.
Revenue for specialised state-run non-life insurers slumped 93% over March to Rs 71 crore. It also declined 32% over April 2021.
Here’s how India’s three listed non-life insurers fared in April 2022:
ICICI Lombard General Insurance
Revenue rose 62% month-on-month to Rs 2,353 crore. This was up 33% over a year earlier.
Its market share stood at 11.03% as of April. That compares to 8.15% in March.
The New India Assurance
Gross premium for the largest general insurer surged 76% over the previous month. Also, it was up 18% year-on-year at Rs 4,584 crore.
It's the market leader with a share of 21.49% as against 14.76% in March.
Star Health & Allied Insurance Co. Ltd.
Gross premium for the standalone health insurer fell 59% over the previous month, while it rose 18% year-on-year to Rs 657 crore.
Its market share fell to 3.08% as compared to 5.20% in March.