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Motilal Oswal Report
The industry's gross written premium increased 4% YoY to Rs 245 billion in August 2024. This was led by the health and motor segments, which grew 9.8%/5.9% YoY. The fire/crop segments declined 7.3%/3% YoY, while the marine segment inched up 10.8% YoY. The overseas health segment grew 11.5% YoY.
During the month, the premium for private players grew 4% YoY to Rs 139.3 billion versus a decline of 5% YoY to Rs 56.5 billion for public players (mainly due to a 13% YoY decline for New India Assurance).
Standalone health insurers outperformed industry growth and reported a GWP of Rs 32.3 billion (up ~25% YoY) in Aug’24 (versus industry growth of 4% YoY), driven by 15% YoY growth in Star Health And Allied Insurance Company Ltd.
Among the key players, ICICI Lombard General Insurance Company Ltd./Bajaj Allianz reported 10%/3% YoY growth, respectively. Star Health/Go Digit posted a 15%/3% YoY GWP growth, while New India reported a decline of 13% YoY in GWP. Tata AIG reported a strong growth of 25% YoY.
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