General insurers' premium grew by 18.3% in July to US$ 2.81 billion (Rs. 23,259 crore)
- IBEF
- August 8, 2023
In July, general insurance premiums in India increased by 18.3%, totalling US$ 2.81 billion (Rs. 23,259 crore). These businesses grew by 17% in the first four months of the current fiscal year, earning US$ 9.68 billion (Rs. 80,177 crore) in premiums.
Stand-alone health insurers reported a 24% increase in July to US$ 322.04 million (Rs. 2,665 crore), and a 25.8% increase to US$ 1.12 billion (Rs. 9,322 crore) in the first four months. Non-life insurers (excluding speciality insurers) reported an 18.9% increase in premiums to US$ 3.13 billion (Rs. 25,924 crore) in July. These insurers grew by 17.9% in the first four months.
New India Assurance, the largest general insurer with a 15% market share, increased its premium income by 8.9% in July to US$ 393.34 million (Rs. 3,255 crore).
ICICI Lombard, the top private general insurance company with a 9.66% market share, surged its premium by 21.91% in July to US$ 288.69 million (Rs. 2,389 crore).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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