Non-Life Insurers Report Record Sales In August

Specialised state-run non-life insurers drive the industry's growth in August.

<div class="paragraphs"><p>Source: Unsplash</p></div>
Source: Unsplash

Indian non-life insurers' revenue rose to a new high for the second straight month in August, led by growth in specialised state-run non-life insurers.

The gross premium underwritten for non-life insurers rose 5% over the previous month to Rs 24,472 crore in August, according to the provisional data released by the General Insurance Council. Revenue also increased 12% year-on-year.

In August 2019, the revenue was Rs 15,964 crore.

Specialised state-run non-life insurers recorded the highest surge in revenue. The premium jumped 2.3 times over July surge to Rs 5,311 crore. It was up 15% over August 2021.

  • Revenue of general insurers that cover home, travel, motor, health, fire and other natural or man-made calamities fell 13% over the preceding month to Rs 17,102 crore in August. Year-on-year, it rose 9%.

  • Standalone private health insurers’ revenue fell 4% month-on-month at Rs 2,059 crore. It jumped 28% from a year ago.

How India’s three listed non-life insurers fared in August:

ICICI Lombard General Insurance

  • Revenue fell 15% month-on-month, but rose 21% year-on-year to Rs 1,673 crore in August.

  • Market share at 8.8% as of August versus 6.9% a year earlier and 9.4% in July 2022.

The New India Assurance

  • Gross premium fell 25% over the previous month and 1.3% year-on-year to Rs 2,251 crore in August.

  • In August, its market share fell to 14.5% from 16% a year earlier and 16.1% in July 2022.

Star Health & Allied Insurance

  • Gross premium for the standalone health insurer fell 6% over the previous month, while it rose 13% year-on-year to Rs 1,019 crore in August.

  • Market share stood at 4.47% as of August 2022 against 4.74% at the end of August 2021 and 4.57% in the previous month.