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.
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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.
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.
