General insurance companies' premium up by 29% YoY in September | Mint
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Business News/ News / India/  General insurance companies' premium up by 29% YoY in September
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General insurance companies' premium up by 29% YoY in September

Premium of General insurance companies' increased by 29% YoY to ₹29,476.33 crore in September this year.

Premium of General Insurance companies increased by 29% YoY in SeptemberPremium
Premium of General Insurance companies increased by 29% YoY in September

Indicating a strong growth in the general insurance sector, premiums of non-life insurance firms rose by 29.06 per cent in September 2023, compared to the same period for the previous fiscal years, according to the latest data released by General Insurance Council.

According to the data, the premium rose by 14.86% to 143,800.26 crore for the first half of the year compared to the first half of the previous year. There was a strong growth in the premium of private sector insurance as well. For the month of September, premium of private sector insurance increased by 24.77% to 23,706.35 against 18,999.90 in September 2022.

Out of all the private sector insurance firms, National Insurance Co Ltd witnessed massive jump in its gross direct premium in the month of September. The company's premium increased by 120.91% YoY to 2,314.84 crore in September.

Premium of non-life insurance of Bajaj Allianz General Insurance Co Ltd increased by 50.53% YoY to 1,827.97 crore in previous month. ICICI Lombard witnessed a 13.08% rise in its non-life insurance premium to 1,755.21 crore in September FY24 from 1,552.23 during a year ago period.

HDFC Ergo General Insurance Co Ltd witnessed a 7.75% rise in its general insurance premium to 1,831.92 crore.

Standalone health insurance up by 22.92% in September

Previous month witnessed a 22.9% increase in standalone health insurance to 2,693.91 crore against the same month a year ago. In the first half of FY24, it increased by 25.24% to 14,607.09 crore against 11,663.36 crore in the year ago period.  Standalone health insurance premium of Niva bupa health insurance company limited increased by 36.71% YoY to 458.54 crore in September this year.

Insurance premium is the amount paid by policyholders to their insurer firms regularly to keep a policy in force. They can choose to pay the amount monthly or annually.

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Published: 09 Oct 2023, 05:07 PM IST
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