INSURANCE
Non-life insurers report 5% growth in gross direct premium underwritten for August
Sep-09-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 4.56% growth in gross direct premium underwritten at Rs 22880.62 crore for the month of August 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 21883.62 crore in the August 2023. 

Of the total, private insurance companies, with market share of 85.69%, garnered gross direct premium underwritten of Rs 19651.50 crore in the month under review as compared to Rs 19290.74 crore in the corresponding month of previous year, registering a growth of 1.87%. Among all, premium of Kshema General insurance up by 3385.71%, Raheja QBE General Insurance Co up by 204.54%, Kotak Mahindra General Insurance Co up by 35.93%, Zuno General Insurance Co up by 28.46%, Tata AIG General Insurance Co up by 24.90% and SBI General Insurance Co up by 8.07%. However, premium of HDFC Ergo General Insurance Co down by 22.70%. 

Among other standalone health insurers, with market share of 11.74%, garnered gross direct premium underwritten of Rs 3229.12 crore in August 2024 as compared to Rs 2592.88 crore in August 2023, i.e. up by 24.54%. Among all, Aditya Birla Health Insurance Co up 42.01%, Niva bupa health insurance company up 39.09%, Care Health Insurance up by 29.63% and Star Health & Allied Insurance Co up by 14.98%.

Specialised insurers showed de-growth of 0.16% in gross direct premium underwritten at Rs 1673.71 crore in August 2024 as compared to Rs 1676.47 crore in the August 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India up by 0.38%, while premium of ECGC down by 14.23% in the month of August this year.

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