INSURANCE
Non-life insurers report 9% growth in gross direct premium underwritten for June
Jul-10-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 9% growth in gross direct premium underwritten at Rs 21882.87 crore for the month of June 2024 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 20076.23 crore in the June 2023. 

Of the total, private insurance companies, with market share of 87.89%, garnered gross direct premium underwritten of Rs 18858.80 crore in the month under review as compared to Rs 17603.54 crore in the corresponding month of previous year, registering a growth of 7.13%. Among all, premium of Raheja QBE General Insurance Co up by 216.71%, Zuno General Insurance Co up by 44.59%, Kotak Mahindra General Insurance Co up by 37.79%, SBI General Insurance Co up by 21.79%, Acko General Insurance up by 20.51, ICICI Lombard General Insurance up by 15.94%, Reliance General Insurance Co up by 9.71% and Bajaj Allianz General Insurance Co up by 7.69%.

Among other standalone health insurers, with market share of 11.43%, garnered gross direct premium underwritten of Rs 3024.07 crore in June 2024 as compared to Rs 2472.69 crore in June 2023, i.e. up by 22.30%. Among all, Niva bupa health insurance company up 32.01%, Care Health Insurance up by 29.60%, Aditya Birla Health Insurance Co up 26.84% and Star Health & Allied Insurance Co up by 15.58%.

Specialised insurers showed de-growth of 6.55% in gross direct premium underwritten at Rs 287.97 crore in June 2024 as compared to Rs 308.14 crore in the June 2023. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India down 17.92%, while premium of ECGC up 16.79% in the month of June this year.

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