Private Health Insurers Drive Non-Life Industry Numbers In December

General insurers, excluding standalone health insurers, recorded a significant 14.9% YoY growth in GDPI for December 2023

An insurance agent working on a car accident claim process form. (Source: freepik)

In December 2023, the Indian insurance sector continued its growth trend, with the Gross Direct Premium Income of general insurers (excluding specialised companies) increasing by 16.2% year-on-year.

General insurers, excluding standalone health insurers, recorded a significant 14.9% YoY growth in GDPI for December 2023, while standalone health insurers saw a robust 26% YoY growth in GDPI during the same period. Standalone health insurers continue to aid the overall non-life insurance numbers.

Bajaj Allianz

The company reported a 17.9% YoY rise in GDPI for December 2023.

The growth number is slower than the year-to-date growth of 33.9% clocked by the insurer but the company continues to gain market share.

ICICI Lombard

The company demonstrated a 19.9% YoY increase in GDPI for December.

YTD growth for the company has been at 16.2%.

New India Assurance

The company managed to maintain its market share with a 14.5% YoY GDPI growth in December. YTD the company has lagged slightly behind the industry's 15% growth rate, growing just 9%.

Star Health

The insurer experienced a 14.7% YoY GDPI growth for the month of December, with market share contracting.

The YTD performance has been marginally better with a 17.5% YoY increase in GDPI.

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
WRITTEN BY
Hersh Sayta
Hersh Sayta is an Anchor & Sr. Research Analyst at NDTV Profit. Hersh is a ... more
GET REGULAR UPDATES