Gross written premium of the non-life insurance industry fell 3.74% year-on-year (y-o-y) in August to Rs. 23,558.25 crore as India’s two specialised insurers posted slump in growth of premiums during the month.
Agriculture Insurance Company of India and ECGC witnessed a y-o-y decline of 69.18% and 16.08%, respectively, in August 2023, according to the data released by the General Insurance Council on Friday. AIC’s premium had witnessed a 59.06% y-o-y decline to Rs. 611.46 crore in July.
Significantly, the monthly growth rate of the sector, excluding the two specialized insurers, stood at 14.18% y-o-y.
For August, the premium underwritten by general insurance companies posted an increase of 12.8% y-o-y at Rs. 19,290.70 crore as against Rs. 17,101.72 crore for the same period last year. Premium for standalone health insurers increased by 25.65% y-o-y to Rs. 2,590.88 crore from Rs. 2,061.96 crore in August last year.
Firm such as PSU insurer and New India Assurance, which is the market leader in the non-life insurance space, saw a y-o-y rise of 2.63% in its premium underwritten to Rs. 2,310.59 crore during August 2023. Premiums for United India Insurance and National Insurance grew 6.85% y-o-y and 13.05% y-o-y at Rs. 1,295.70 crore and Rs. 1,344.55 crore, respectively, during the month.
Among major general insurers in the private sector, for HDFC Ergo gross written premium went up by 9.17% y-o-y to Rs. 2,257.64 crore, while for ICICI Lombard General Insurance it grew 16.06% y-o-y at Rs. 1,941.29 crore in August. Bajaj Allianz General Insurance and Tata AIG General Insurance saw their premiums increase by 64.27% and 26.05% at Rs. 1,677.87 crore and Rs. 1,106.01 crore, respectively. However, premium for SBI General Insurance fell by 16.94% y-o-y at Rs. 1,246.48 crore, respectively.
Notably, gross written premium for the non-life insurance sector grew 13.82% y-o-y in July.