INSURANCE
Non-life insurers report 15% growth in gross direct premium underwritten for May
Jun-14-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 15.47% growth in gross direct premium underwritten at Rs 20822.29 crore for the month of May 2024 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 18033.08 crore in the May 2023. 

Of the total, private insurance companies, with market share of 89.13%, garnered gross direct premium underwritten of Rs 18170.64 crore in the month under review as compared to Rs 15932.6 crore in the corresponding month of previous year, registering a growth of 14.05%. Among all, premium of Raheja QBE General Insurance Co up by 261.58%, Zuno General Insurance Co up by 73.15%, Magma HDI General Insurance up by 51.95%, Kotak Mahindra General Insurance Co up by 37.46%, Shriram General Insurance Co up by 36.71%, Go Digit General Insurance up by 35.99%, SBI General Insurance Co up by 31.63%, Future Generali India Insurance up by 28.42%, ICICI Lombard General Insurance up by 21.64%, Reliance General Insurance Co up by 13.33% and Bajaj Allianz General Insurance Co up by 9.26%. 

Among other standalone health insurers, with market share of 10.47%, garnered gross direct premium underwritten of Rs 2651.65 crore in May 2024 as compared to Rs 2100.48 crore in May 2023, i.e. up by 26.24%. Among all, premium of Aditya Birla Health Insurance Co up 47.50%, Care Health Insurance up 37.79%, Niva bupa health insurance company up 35.45% and Star Health & Allied Insurance Co up by 16.02%. 

Specialised insurers showed de-growth of 48.20% in gross direct premium underwritten at Rs 85.22 crore in May 2024 as compared to Rs 164.52 crore in the May 2023. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India down 125.90%, while premium of ECGC up 16.64% in the month of May this year.

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