India's Non-Life Insurers Start Fiscal 2024 With Record Revenues
The gross premium underwritten by non-life insurers in April 2023 rose 20.5% YoY to Rs 25,641 crore.
India's non-life insurers started fiscal 2024 at a new high.
The industry reported robust growth of 21% over last April, aided by growth across all segments—general insurers, standalone private health insurers, and specialised state-run non-life insurers. It's also the highest-ever revenue reported by non-life insurers, overtaking the January record sales.
The gross premium underwritten by non-life insurers in April 2023 rose 20.5% year-on-year to Rs 25,641 crore, according to provisional data released by the General Insurance Council.
Revenue for specialised state-run non-life insurers reported the strongest year-on-year revenue growth. It rose 1.6 times over April last year to Rs 185 crore.
Standalone private health insurers' gross underwritten premiums rose 34% from a year earlier to Rs 2,084 crore.
The revenue of general insurers—offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities—rose 19% over the preceding year to Rs 23,372 in April 2023.
Here's how India’s three listed non-life insurers fared in April 2023:
ICICI Lombard General Insurance
Revenue rose 17% year-on-year to Rs 2,744 crore.
Market share fell to 10.7% in April, compared to 11.06% a year earlier.
The New India Assurance
Gross premium was up 10% over the previous year at Rs 5,060 crore in April.
Market share fell to 19.74% from 21.54% a year earlier.
Star Health & Allied Insurance
Gross premium for the standalone health insurer rose 25% over the previous year to Rs 823 crore in April.
Market share rose marginally to 3.21% in April, as against 3.09% a year earlier.