INSURANCE
Non-life insurers report 14.18% growth in gross direct premium underwritten for August
Sep-08-2023

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 14.18% growth in gross direct premium underwritten at Rs 21881.58 crore for the month of August 2023 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 19163.68 crore in the August 2022. 

Of the total, general insurance companies, with market share of 86.89%, garnered gross direct premium underwritten of Rs 19290.70 crore in the month under review as compared to Rs 17101.72 crore in the corresponding month of previous year, registering a growth of 12.80%. Among all, premium of Bajaj Allianz General Insurance Co up 64.27%, ICICI Lombard General Insurance Co up 16.06%, Reliance General Insurance Co up by 14.67%.

Besides, health insurance companies having 10.42% market share registered a growth of 25.65% in gross direct premium at Rs 2590.88 crore over Rs 2061.96 crore in the previous year. Among all, premium of Star Health & Allied Insurance Co up 19.01%, Care Health Insurance up 40.15%, Niva bupa health insurance company up by 37.64%.

However, specialised insurers showed a fall of 68.43% in gross direct premium underwritten at Rs 1676.67 crore in August 2023 as compared to Rs 5310.82 crore in the August 2022. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India declined 69.18% and ECGC registered fall of 16.08% in the month of August this year.

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