INSURANCE
Non-life insurers reports marginal fall in gross direct premium underwritten for December
Jan-08-2025

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 0.76% fall in gross direct premium underwritten at Rs 23746.58 crore for the month of December 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 23927.37 crore in the December 2023. 

Of the total, general insurance companies, with market share of 84.84%, garnered gross direct premium underwritten of Rs 20677.79 crore in the month under review as compared to Rs 21009.92 crore in the corresponding month of previous year, registering a de-growth of 1.58%. Among all, premium of Tata AIG General Insurance Co up by 24.59%, Shriram General Insurance Co up by 24.57%, National Insurance Co up by 16.16%, The Oriental Insurance Co up by 12.42%, Zuno General Insurance Co up by 11.72%, Kotak Mahindra General Insurance Co up by 11.11%. However, premium of Kshema General insurance Co down by 96.42%, Raheja QBE General Insurance Co down by 49.10%, HDFC Ergo General Insurance Co down by 43.43%.

Standalone health insurers, with market share of 11.61%, garnered gross direct premium underwritten of Rs 3068.79 crore in December 2024 as compared to Rs 2917.45 crore in December 2023, i.e. up by 5.19%. Among all, Aditya Birla Health Insurance Co up 28.76%, Care Health Insurance up by 7.38%, Star Health & Allied Insurance Co up by 3.48%. However, Niva bupa health insurance company down by 6.03%.

Specialised insurers showed growth of 8.31% in gross direct premium underwritten at Rs 1272.07 crore in December 2024 as compared to Rs 1174.48 crore in the December 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India up by 7.81%, while premium of ECGC up by 13.05% in the month of December this year.

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