Indian Economy News

The premium of the general insurance industry rose by 29% in September

  • IBEF
  • October 10, 2023

According to data from the General Insurance Council, non-life insurance company premiums increased by 29.06% in September 2023 compared to the same month in the prior fiscal year. When compared to the same period the year before, premiums increased by 14.86% during the first half of the year. When compared to the same month last year, the premium for private non-life insurers increased by 24.77% in September.

Standalone health insurers’ premiums rose 22.92% in the month of September. For the half-year ended September 30, 2023, the standalone health insurance premium rose 25.24% compared to the same period in the previous year.

The sum that a policyholder routinely pays to the insurer to maintain the status of a policy is known as an insurance premium. The policyholder may pay it monthly or annually. The monthly premium increase for ICICI Lombard was 13%, and year-over-year market share growth was 24 basis points (BPS). The premium increased 18% over the same period last year during the first half of the year.

The premium for New India Assurance increased by 12% in September compared to the same month last year. The company's market share in FY24 fell 79 BPS year over year.

When compared to the same period last year, Star Health's premium increased by 15% in September and by 18% for the first half of the year. In FY24, the company's market share increased 13 BPS year-on-year (YoY).

National Insurance premiums increased by 120.91% in September while they increased by 22% during the previous six months. The company's market share increased by 34 BPS in FY24.

The premiums of Bajaj Allianz General in September rose 51%, while it was up 41% year-on-year FY24. The company’s market share rose to 143 BPS in the financial year. SBI General Insurance’s premium for September was up 31% compared with the same period a year ago while it was up 14 for the half year ended on September 30.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.