India's non-life insurance sector continued its growth trajectory in January 2025, reporting a 6.58 percent year-on-year increase in gross direct premiums underwritten, reaching Rs 29,021.32 crore compared to Rs 27,228.98 crore in the same month last year.
According General Insurance Council data, on a cumulative basis, the sector saw a 7.69 percent rise in premiums for the financial year up to January, totalling Rs 2,59,211.07 crore.
The health insurance sector continued to expand, with standalone health insurers showing an 11.01 percent year-over-year increase in January, amounting to Rs 3,659.54 crore. The sector's cumulative growth was even stronger at 17.76 percent, with total premiums reaching Rs 30,378.93 crore.
The general insurance segment, which holds the largest market share, grew by 5.12 percent in January to reach Rs 24,136.68 crore. On a cumulative basis, this segment's premiums increased by 6.66 percent to Rs 2,19,418.78 crore.
Notable performers included Acko General Insurance Ltd with a modest 3.51 percent monthly increase but a significant 12.87 percent cumulative growth, ICICI Lombard General Insurance Co Ltd with 7.66 percent and 9.97 percent growth respectively, and Tata AIG General Insurance Co Ltd with a robust 19.95 percent monthly and 18.39 percent cumulative increase.
However, The New India Assurance Co Ltd, despite a strong 16.03 percent monthly jump, saw only a 4.81 percent cumulative rise.
On the other hand, insurers like HDFC Ergo General Insurance Co Ltd reported a decline, witnessing a 28.27 percent drop in January.
On the health insurance front, Niva Bupa Health Insurance and Aditya Birla Health Insurance Co Ltd were among the leaders, with monthly increases of 15.56 percent and 16.69 percent respectively, and cumulative growth of 20.94 percent and 31.24 percent.
Star Health & Allied Insurance Co Ltd also contributed with a 3.63 percent monthly and 11.74 percent cumulative growth.
In terms of market dynamics, general insurance maintained an 84.65 percent share of the total premiums for January 2025, with health insurers capturing 11.72 percent and specialised insurers at 3.63 percent.
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