INSURANCE
Non-life insurers report marginal fall in gross direct premium underwritten for September
Oct-08-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 0.09% fall in gross direct premium underwritten at Rs 26373.47 crore for the month of September 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 26398.00 crore in the September 2023. 

Of the total, general insurance companies, with market share of 85.28%, garnered gross direct premium underwritten of Rs 22985.40 crore in the month under review as compared to Rs 23706.22 crore in the corresponding month of previous year, registering a de-growth of 3.04%. Among all, premium of Kshema General insurance down by 81.21%, IFFCO-Tokio General Insurance Co down by 35.11%, United India Insurance Co down by 18.07%, Future Generali India Insurance Co down by 13.08%, Bajaj Allianz General Insurance Co down by 7.59%. However, Raheja QBE General Insurance Co up by 72.35%, Kotak Mahindra General Insurance up by 34.49%, Tata AIG General Insurance Co up by 33.49%. 

Standalone health insurers, with market share of 11.84%, garnered gross direct premium underwritten of Rs 3388.07 crore in September 2024 as compared to Rs 2691.78 crore in September 2023, i.e. up by 25.87%. Among all, Aditya Birla Health Insurance Co up 45.80%, Niva bupa health insurance company up 31.18%, Care Health Insurance up by 30.02%, ManipalCigna Health Insurance Co up by 12.33%. 

Specialised insurers showed de-growth of 61.75% in gross direct premium underwritten at Rs 1177.46 crore in September 2024 as compared to Rs 3078.05 crore in the September 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India down by 64.36%, while premium of ECGC down by 11.35% in the month of September this year.

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