Premium of non-life insurance companies grew 12.78% in FY24: GIC report

by Psu Connect
Date: 13-04-24

Private insurers, on the other hand, witnessed an increase in market share to 53.52 per cent in the reported financial year compared to 51.36 per cent in the year-ago period.

Premium of non-life insurance companies grew 12.78% in FY24: GIC report

According to data released by the General Insurance Council, premiums of general insurers are increased by 14.24 per cent Y-o-Y to Rs 2.45 trillion in FY24.

While the non-life insurers have posted a 12.78 per cent year-on-year (Y-o-Y) growth in gross direct premium in FY24, reaching Rs 2.89 trillion, compared to 16.4 per cent in the previous financial year.

The figure number of premium was marginalized by Rs 3 trillion mark with a slowdown in the growth rate of health and motor insurance, along with weak growth in the crop insurance segment.

Public sector general insurers registered an 8.99 per cent growth in premium to Rs 90,344.49 crore, whereas their private sector counterparts witnessed a 17.53 per cent increase to Rs 1.55 trillion.

In terms of companies, the public unit, The New India Assurance Company, saw a 7.4 per cent Y-o-Y growth in premium to Rs 37,035.19 crore.

While on the other hand, the premium of leading private sectors like ICICI Lombard General Insurance grew by 17.84 per cent Y-o-Y to Rs 24,776.11 crore, and Bajaj Allianz General Insurance’s premium increased by 33.49 per cent to Rs 20,472.68 crore in February.

The Gross direct premium grew by 9.64 percent of general insurance companies in March, 2024.

In terms of market share, public sector general insurers held 31.18 per cent of the overall general insurance industry in FY24, down from 32.27 per cent in FY23.

Private insurers, on the other hand, witnessed an increase in market share to 53.52 per cent in the reported financial year compared to 51.36 per cent in the year-ago period.

The gross direct premium of specialised insurers was nearly 29 per cent down in March, 2024 from last year. Agriculture Insurance Company of India’s premium was down 32.15 per cent over the previous year to Rs 9,919.66 crore, whereas ECGC posted a 6.12 per cent Y-o-Y growth in premium to Rs 1,270.76 crore during the time period.