The non-life insurers, which include general insurers, standalone health insurers, specialised PSU insurers, got Rs 27,551 crore as premiums, down 6.53% YoY, data released by the General Insurance Council said.
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In September, the non-life insurers reported a 6.53% year-on-year (YoY) drop in premiums.
The non-life insurers, which include general insurers, standalone health insurers, specialised PSU insurers, got Rs 27,551 crore as premiums, down 6.53% YoY, data released by the General Insurance Council said.
The fall owes to the underperformance of state-owned general insurers, the slowdown in auto sales impacting the motor insurance segment, and weak performance in the crop insurance segment, it said.
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It said the general insurers collected Rs 22,985.40 crore in premiums in September, marking a 3% decline.
New India Assurance reported a 9% YoY increase in premiums, state-owned United India Insurance experienced an 18% drop,
Further, National Insurance saw a 32% decline, and Oriental Insurance’s premiums remained flat.
ICICI Lombard experienced modest premium growth of 3.6% YoY, Bajaj Allianz General reported a nearly 8% YoY decline, and HDFC Ergo saw a dip of 5.41%.
Standalone health insurers (SAHI) reported a robust growth of 26% YoY in premiums in September, with Star Health and Allied Insurance reporting an 18% YoY growth.
State-owned multi-line insurers continued to lose market share, dropping 126 basis points YoY to 30.8%, to private multi-line insurers (+96bp YoY to 54.5%) and SAHIs (+169bp YoY to 11.8%).
Meanwhile, in H1FY25, non-life insurers reported a 7% YoY growth in premiums, mainly driven by the performance of SAHI players, who reported premium growth of 24.72%.
General insurers or multi-line insurers reported a 6% YoY growth in premiums during this period while specialised PSU insurers premiums declined 28% YoY during this time.
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