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Non-Life Insurers' Revenue Falls In February After Record January Sales

Revenue is down 22% month-on-month but up 20% over February last year.
BQPrime
<div class="paragraphs"><p>Source: Unsplash</p></div>
Source: Unsplash
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India's non-life insurers saw their revenues dip in February after reporting the highest-ever revenue in the previous month.

The gross premium underwritten by non-life insurers in February stood at Rs 19,876 crore, down 22% over the previous month, according to provisional data released by the General Insurance Council. The revenue was up 20% year-on-year and 26% higher than the corresponding pre-pandemic month in 2020.

  • Revenue for specialised state-run non-life insurers fell 51% over January to Rs 1,173 crore. It, however, jumped 1.1 times over February 2022.

  • The revenue of general insurers, offering insurance for home, travel, motor, health, fire, and other natural or man-made calamities, fell 20% over the preceding month to Rs 16,384 crore in February. Year-on-year, it rose 16%.

  • Standalone private health insurers' revenue saw the least decline month-on-month at Rs 2,320 crore, down 9%. It rose 27% from a year earlier.

Here's how India’s three listed non-life insurers fared in February:

ICICI Lombard General Insurance

  • Revenue slumped 36% month-on-month and fell 5% year-on-year to Rs 1,338 crore.

  • Market share stood at 8.37% in February, compared with 8.3% a year earlier and 8.52% in January.

The New India Assurance

  • Gross premium fell 27% over the previous month but rose 3% year-on-year to Rs 2,319 crore in February.

  • Its market share fell to 13.57% from 15.05% a year earlier and 13.75% in the preceding month.

Star Health & Allied Insurance

  • Gross premiums for the standalone health insurer fell 1% over the previous month but rose 16% year-on-year to Rs 1,185 crore in February.

  • Market share rose to 4.78% in February as against 4.67% in January. However, it was below 4.94% a year earlier.

WRITTEN BY

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Monal Sanghvi is a Senior Correspondent at BQ Prime. Sh...more
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