Standalone health insurers, private general insurers drive growth for non-life insurance sector in April
In the month of April, over 20% year-on-year growth in the gross written premiums for the non-life insurance sector was driven by standalone health insurers and private sector general insurers while public sector insurers continued to witness a moderate growth.
Collective gross direct premium underwritten for non-life insurance companies grew 20.51% year-on-year to Rs 25,640.66 crore for April this year from Rs 21,277.67 crore for the same period last year, data from the General Insurance Council has shown.
“The growth was driven by health insurers and private insurers while public insurers witnessed a moderate growth of over 11% year-on-year,” JM Financial Research said in its note on monthly non-life insurance data.
While gross direct premiums underwritten for five standalone health insurers grew 34.33% year-on-year at Rs 2084.20 crore in April, 2023, that of the private general insurance companies rose 25% y-o-y at around Rs 13,745 crore during the period.
“Among private insurers, Bajaj Allianz witnessed robust growth in premiums at 29% year-on-year, while ICICI Lombard and HDFC ERGO witnessed a growth of over 17% y-o-y and over 13% y-o-y, respectively. SBI General witnessed muted growth of around 4% y-o-y,” JM Financial said.
In the standalone health insurance segment, Star Health and Allied Insurance and Care Health Insurance witnessed their gross direct premiums underwritten rose 25.02% and 37.55% year-on-year at Rs 823.25 crore and Rs 507.08 crore, respectively.
PSU insurer, New India Assurance, the market leader in the non-life insurance space, saw a 10.40% y-o-y increase in its premium underwritten to Rs 5060.19 crore, while for Oriental Insurance Company it rose by 18.83% y-o-y at Rs 1535.49 crore during the month. Premiums for United India Insurance and National Insurance Company rose 12.03% y-o-y and 2.99% y-o-y at Rs 1822.41 crore and Rs 1208.41 crore, respectively.
“For FY23, health and marine products lines were the fastest growing at +23.2% YoY and +20.7% YoY; while motor segment still lags the overall industry growth at +15.4% YoY it has seen improvement vis-à-vis FY22 growth of +3.9% YoY,” according to the note of JM Financial Research.
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