INSURANCE
Non-life insurers report 16% growth in gross direct premium underwritten for April
May-14-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 16.24% growth in gross direct premium underwritten at Rs 29561.82 crore for the month of April 2024 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 25431.24 crore in the April 2023. 

Of the total, private insurance companies, with market share of 90.70%, garnered gross direct premium underwritten of Rs 26918.86 crore in the month under review as compared to Rs 23346.84 crore in the corresponding month of previous year, registering a growth of 15.30%. Among all, premium of Bajaj Allianz General Insurance Co up 48.42%, SBI General Insurance Co up by 45.22%, Kotak Mahindra General Insurance Co up by 37.86%, Reliance General Insurance Co up by 24.44% and ICICI Lombard General Insurance up by 22.65%.

Besides, health insurance companies having 8.91% market share registered a growth of 26.80% in gross direct premium at Rs 2642.96 crore over Rs 2084.40 crore in the previous year. Among all, premium of Aditya Birla Health Insurance Co up 36.81%, Care Health Insurance up 31.41%, Niva bupa health insurance company up 24.73% and Star Health & Allied Insurance Co up by 23.09%.

Specialised insurers showed de-growth of 36.64% in gross direct premium underwritten at Rs 117.17 crore in April 2024 as compared to Rs 184.92 crore in the April 2023. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India down 73.32%, while premium of ECGC up 25.53% in the month of April this year.

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