INSURANCE
Non-life insurers report 8% growth in gross direct premium underwritten for July
Aug-08-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 8.17% growth in gross direct premium underwritten at Rs 27941.21 crore for the month of July 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 25831.50 crore in the July 2023. 

Of the total, private insurance companies, with market share of 87.05%, garnered gross direct premium underwritten of Rs 24658.68 crore in the month under review as compared to Rs 23166.99 crore in the corresponding month of previous year, registering a growth of 6.44%. Among all, premium of Raheja QBE General Insurance Co up by 202.04%, Kotak Mahindra General Insurance Co up by... 49.66%, National Insurance Co up by 45.74%, Future Generali India Insurance Co up by 38.65%, Zuno General Insurance Co up by 37.18%, Universal Sompo General Insurance Co up by 21.32%, Acko General Insurance up by 18.50%, Shriram General Insurance Co up by 16.82% and SBI General Insurance Co up by 13.45%. However, premium of Bajaj Allianz General Insurance Co down by 35.78%. 

Among other standalone health insurers, with market share of 11.40%, garnered gross direct premium underwritten of Rs 3282.53 crore in July 2024 as compared to Rs 2664.51 crore in July 2023, i.e. up by 23.19%. Among all, Aditya Birla Health Insurance Co up 41.28%, Niva bupa health insurance company up 35.05%, Care Health Insurance up by 27.07% and Star Health & Allied Insurance Co up by 15.47%.

Specialised insurers showed growth of 48.29% in gross direct premium underwritten at Rs 1091.08 crore in July 2024 as compared to Rs 735.76 crore in the July 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India up by 51.23%, while premium of ECGC up 28.09% in the month of July this year.

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