Gross direct premium of non-life insurers up 15.51% in October

Collective gross direct written premiums for non-life insurance companies increased by 15.51% year-on-year to Rs 20,423.38 crore in October from Rs 17,681.36 crore a year ago , according to data from the General Insurance Council.

In particular, the non-life insurance sector grew more than 15% after two months. Gross direct premiums written increased slightly by 2.66% year-on-year in September and stood at 11.91% in August. In July, the sector had posted a growth of 16.05% year-on-year.

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During the first seven months of this financial year, the gross direct premium written for 31 non-life insurers rose 15.34% year-on-year to 1.46 trillion rupees from 1.26 trillion rupees a year ago. Through October, written premiums for 24 general insurers rose 15.39% year-on-year to Rs 1.23 trillion, while for five private stand-alone insurers they rose 25.78% to reach Rs 13,599.90 Crore.

In October, premiums written by general insurers saw a 17.50% year-on-year increase to Rs 18,390.86 crore from Rs 15,651.81 crore a year ago. For stand-alone private insurers, it increased by 20.33% year-on-year to Rs 1,937.95 crore from Rs 1,610.51 crore in October 2021.

Insurer PSU New India Assurance, the market leader in non-life insurance, saw a marginal 2.87% year-on-year increase in its premium to Rs 2,783.61 crore in October, while that for Oriental Insurance Company, it fell by 3.23% year-on-year to Rs 1,096.46 crore. Premiums for United India Insurance and National Insurance Company increased by 19.67% and 117.12% year-on-year to Rs 1,395.69 crore and Rs 1,958.22 crore, respectively.

Read also : Life insurers’ premiums increase by 18% in August, non-life insurers’ gross premiums increase by 12%

Among the major private sector general insurers, for ICICI Lombard General Insurance, the premium in October increased by 22.19% year-on-year to Rs 2,047.12 crore, while for HDFC Ergo it increased by 5, 02% to reach Rs 1,298.19 crore. Bajaj Allianz General Insurance and Tata AIG General Insurance saw their premiums increase by 24.54% and 30.62% year-on-year in October, to Rs 1,230.01 crore and Rs 1,200.34 crore, respectively.

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