General insurers see 16% premium growth in April to October period
Health insurance companies saw a 34.3 percent year-on-year (YoY) growth in premium collection to Rs 7,192.17 crore, while the other general insurers (except specialist insurers) saw a 15.3 percent YoY growth to Rs 97,106.3 crore.
November 30, 2019 / 03:06 PM IST
General insurance companies saw a 16 percent growth in gross direct premiums for the April to October period as compared to a year ago. The non-life companies wrote premiums worth Rs 1.11 lakh crore for the period, with standalone health insurers seeing the highest growth rate.
Health insurance companies saw a 34.3 percent year-on-year (YoY) growth in premium collection to Rs 7,192.17 crore. Among the individual companies, Star Health Insurance was the largest player with 2.95 percent market share and gross premium of Rs 3,285 crore. The insurer saw a YoY growth of 33.9 percent.
The other general insurers (except specialist insurers) saw a 15.3 percent YoY growth to Rs 97,106.3 crore. Here, the public sector insurers held 38.2 percent market share (of 87.12 percent) while the rest was held by private insurers.
New India Assurance continued to the largest general insurer in the country collecting gross written premiums of Rs 16,054.34 crore for the April to October period and showing a 14.5 percent YoY growth. It had a market share of 14.4 percent at the end of October 2019 on the basis of premiums.
Among the private sector players, ICICI Lombard General Insurance was the largest player with Rs 7,803.7 crore gross written premiums. While the insurer held a market share of 7 percent, for the April to October period ICICI Lombard saw an 8.8 percent de-growth in premium collection.
On the private sector side, new-age insurers saw a large jump in premium collections. Acko General Insurance saw a 279 percent YoY growth in premiums to Rs 216.2 crore for the April to October period, while Digit Insurance saw a 241.3 percent YoY growth to Rs 1,216 crore.
With respect to the private sector, DHFL General Insurance, whose parent DHFL
is in the midst of a Rs 83,873 crore debt crisis, saw a 43 percent YoY decline in its gross written premium to Rs 114.6 crore in the seven-month period.