India's Non-Life Insurers Report Record Revenue In September
The gross premium underwritten by non-life insurers rose 29.1% year-on-year to Rs 29,476 crore in September.
India's non-life insurers set a new record, reporting the highest ever revenue in September and surpassing the record high earnings in July.
The gross premium underwritten by non-life insurers rose 29.1% year-on-year to Rs 29,476 crore in September, according to provisional data released by the General Insurance Council.
General insurers outpaced standalone private health insurers' growth in September. Growth in the segment was aided by the robust performance of public-sector insurance companies.
Sequentially, the premium rose 25.1% over August.
Key Highlights
Revenue for specialised state-run non-life insurers jumped 87% year-on-year to Rs 3,076 crore. Sequentially, too, the revenue rose 83%.
The revenue of general insurers—offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities—rose 25% over the preceding year to Rs 23,706 crore in September. Among general insurers, public insurers outperformed the private sector, with their revenue growing 31% over September last year. The revenue of private sector insurers grew 21% year-on-year.
Standalone private health insurers' gross underwritten premium rose 23% to Rs 2,694 crore from a year earlier.
On a sequential basis, private health insurers reported a 4% rise in revenue, and general insurers reported a 23% growth in premium.
Among general insurers, private sector insurers gained market share by 2.77%, taking their overall share to 53.58%. Public sector insurers lost 0.77% of their market share, taking their total share to 31.99%.
On an overall basis, specialised state-run non-life insurers lost market share, while standalone private health insurers and general insurers gained market share as of Sept. 30.
Here's how India’s three listed non-life insurers fared in September:
ICICI Lombard General Insurance Co.
Revenue rose 13% year-on-year to Rs 1,755 crore. Sequentially, premiums fell 10%.
Market share rose to 8.67% in September, as compared with 8.43% last year.
Half-yearly revenue rose 18% over last year.
The New India Assurance Co.
Gross premium was up 12% over the previous year at Rs 2,886 crore in September, and it rose 25% over August.
Market share fell to 13.09% from 13.88% a year earlier.
Its April-September premiums were 8%.
Star Health and Allied Insurance Co.
The gross premium for the standalone health insurer rose 15% over the previous year to Rs 1,243 crore in September and 2% over last month.
Market share rose to 4.65% in August, as against 4.52% a year earlier.
It saw an 18% rise in its gross premium underwritten in the first six months of FY24.
