INSURANCE
Non-life insurers report 7% growth in gross direct premium underwritten for November
Dec-07-2023

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 7.02% growth in gross direct premium underwritten at Rs 20411.44 crore for the month of November 2023 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 19071.84 crore in the November 2022. 

Of the total, private insurance companies, with market share of 85.85%, garnered gross direct premium underwritten of Rs 17,926.80 crore in the month under review as compared to Rs 17,045.64 crore in the corresponding month of previous year, registering a growth of 5.17%. Among all, premium of Kotak Mahindra General Insurance Co up 41.92%, Shriram General Insurance up 43.04%, SBI General Insurance Co up 37.44%, HDFC Ergo General Insurance Co up by 3.08%.

Besides, health insurance companies having 10.40% market share registered a growth of 22.63% in gross direct premium at Rs 2,484.64 crore over Rs 2,026.20 crore in the previous year. Among all, premium of Niva bupa health insurance company up 45.92%, Aditya Birla Health Insurance Co up 20.44%, Care Health Insurance up by 25.45%.

Specialised insurers showed growth of 56.32% in gross direct premium underwritten at Rs 212.48 crore in November 2023 as compared to Rs 135.93 crore in the November 2022. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India up 316.28%, while premium of ECGC down by 5.46% in the month of November this year.

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