INSURANCE
Non-life insurers reports marginal rise in gross direct premium underwritten for November
Dec-11-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 2.45% rise in gross direct premium underwritten at Rs 21049.24 crore for the month of November 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 20546.64 crore in the November 2023. 

Of the total, general insurance companies, with market share of 85.10%, garnered gross direct premium underwritten of Rs 18317.97 crore in the month under review as compared to Rs 18063.61 crore in the corresponding month of previous year, registering a growth of 1.41%. Among all, premium of Shriram General Insurance Co up by 23.96%, The Oriental Insurance Co up by 19.94%, Reliance General Insurance Co up by 18.87%, Bajaj Allianz General Insurance Co up by 11.95%, Navi General Insurance Co. up by 11.59%, Universal Sompo General Insurance Co up by 9.74%. However, premium of Kshema General insurance Co down by 60.73%, Raheja QBE General Insurance Co down by 29.70%, HDFC Ergo General Insurance Co down by 21.48%, SBI General Insurance Co down by 3.76%. 

Standalone health insurers, with market share of 11.53%, garnered gross direct premium underwritten of Rs 2,731.27 crore in November 2024 as compared to Rs 2,483.03 crore in November 2023, i.e. up by 10.00%. Among all, Aditya Birla Health Insurance Co up 15.47%, Niva bupa health insurance company up 14.69%, Care Health Insurance up by 11.16%, Star Health & Allied Insurance Co up by 7.69%.

Specialised insurers showed growth of 196% in gross direct premium underwritten at Rs 622.19 crore in November 2024 as compared to Rs 210.2 crore in the November 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India up by 379.73%, while premium of ECGC up by 7.77% in the month of November this year.

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