Non-Life Insurers Report Revenue Growth In January
Standalone private health insurers' growth outpaced general insurers during the month.
India's non-life insurers witnessed a comeback in revenues in January after a relatively weak October–December quarter.
Standalone private health insurers' growth outpaced that of general insurers during the month.
The gross premium underwritten by non-life insurers rose 7% year-on-year to Rs 27,221 crore in January, according to provisional data released by the General Insurance Council.
Key Highlights
Revenue for specialised state-run non-life insurers slumped 60% year-on-year to Rs 970 crore.
The revenue of general insurers—offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities—rose 12% over the preceding year to Rs 22,952 crore in January. Among general insurers, public insurers were a drag, with growth of 6%, while private sector revenue rose 15% over January last year.
Standalone private health insurers' gross underwritten premium rose the most at 29% to Rs 3,298 crore from a year earlier.
Among general insurers, private sector insurers gained market share by 2.64%, taking their overall share to 53.86%. Public sector insurers lost 1.26% of their market share, taking their total share to 31.6%.
On an overall basis, specialised state-run non-life insurers lost market share, while standalone private health insurers and general insurers gained market share as of Jan. 31.
Here's how India’s three listed non-life insurers fared in January:
ICICI Lombard General Insurance Co.
Revenue rose 14% year-on-year to Rs 2,379 crore.
Market share increased to 8.76%, as compared with 8.52% last year.
The New India Assurance Co.
Gross premium was up 3% over the previous year at Rs 3,264 crore.
Market share fell to 13.18% from 13.75% a year earlier.
Star Health and Allied Insurance Co.
The gross premium for the standalone health insurer rose 18% over the previous year to Rs 1,413 crore.
Market share rose to 4.86% versus 4.68%.
