INSURANCE
Non-life insurers report 23% rise in gross direct premium underwritten for October
Nov-12-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 23.25% rise in gross direct premium underwritten at Rs 28515.74 crore for the month of October 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 23136.08 crore in the October 2023. 

Of the total, private insurance companies, with market share of 85.01%, garnered gross direct premium underwritten of Rs 25396.68 crore in the month under review as compared to Rs 20641.54 crore in the corresponding month of previous year, registering a growth of 23.04%. Among all, premium of Kshema General insurance up by 278.29%, National Insurance Co up by 156.70%, Bajaj Allianz General Insurance Co up by 109.86%, Raheja QBE General Insurance Co up by 68.12%, Shriram General Insurance Co up by 26.01%. However, HDFC Ergo General Insurance Co down by 10.39%, Royal Sundaram General Insurance Co down by 1.43%. 

Standalone health insurers, with market share of 11.58%, garnered gross direct premium underwritten of Rs 3119.06 crore in October 2024 as compared to Rs 2494.54 crore in October 2023, i.e. up by 25.04%. Among all, Aditya Birla Health Insurance Co up 54.64%, Care Health Insurance up by 36.48%, Niva bupa health insurance company up 30.59%, Star Health & Allied Insurance Co up by 13.70%. 

Specialised insurers showed growth of 171.88% in gross direct premium underwritten at Rs 1862.27 crore in October 2024 as compared to Rs 684.97 crore in the October 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India up by 200.30%, while premium of ECGC up by 2.73% in the month of October this year.

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