INSURANCE
Non-life insurers report 14% growth in gross direct premium underwritten for October
Nov-07-2023

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 13.79% growth in gross direct premium underwritten at Rs 23,129.69 crore for the month of October 2023 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 20,327.11 crore in the October 2022. 

Of the total, private insurance companies, with market share of 85.72%, garnered gross direct premium underwritten of Rs 20,635.72 crore in the month under review as compared to Rs 18,390.85 crore in the corresponding month of previous year, registering a growth of 12.21%. Among all, premium of SBI General Insurance Co up 55.56%, Edelweiss General Insurance Co up 53.84%, Bajaj Allianz General Insurance Co up 49.53%, HDFC Ergo General Insurance Co up by 40.11%. 

Besides, health insurance companies having 10.20% market share registered a growth of 28.80% in gross direct premium at Rs 2493.97 crore over Rs 1936.26 crore in the previous year. Among all, premium of Aditya Birla Health Insurance Co up 43.94%, Niva bupa health insurance company up 42.40%, Care Health Insurance up by 40.48%.

Specialised insurers showed growth of 9.11% in gross direct premium underwritten at Rs 684.95 crore in October 2023 as compared to Rs 627.78 crore in the October 2022. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India up 7.49% and ECGC registered up by 19.85% in the month of October this year.

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