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
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.
