General insurance companies saw a 13.8 percent year-on-year (YoY) growth in gross direct premium income in Q1FY22 at Rs 44,434.96 crore with business across segments like motor and health insurance.
IRDAI data showed that standalone health insurers surpassed the industry growth by collecting Rs 4,222.75 crore, with YoY growth of 55.5 percent. Star Health Insurance is the largest player in this space with a gross direct premium of Rs 2,315.73 crore.
Ever since the COVID-19 outbreak in March 2020, there has been a rise in demand for health insurance products amidst rising hospitalisation cases and allied costs. Due to this, standalone health insurers have gained.
Excluding the specialist insurers (ECGC and Agriculture Insurance Company) and standalone health insurers, the industry had collected gross direct premium of Rs 39,810.39 crore, showing a YoY growth of 11 percent.
Among listed insurers, ICICI Lombard collected a gross direct premium of Rs 3,732.96 crore in the June quarter showing a YoY growth of 13 percent. It had a market share of 8.4 percent, as per the IRDAI data.
This makes ICICI Lombard the country's second-largest insurer by gross direct premium underwritten as of June 2021.
New India Assurance collected gross direct premium of Rs 8,831.39 crore, showing a YoY growth of 17.5 percent. It had a market share of 19.88 percent making it the largest insurer by gross direct premium underwritten as of June 2021.
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