General Insurance Companies' Premium Up 29% In September: Report

General Insurance Premiums have seen a significant surge in September 2023. In a robust display of growth within the general insurance sector, non-life insurance firms experienced a notable 29.06 per cent increase in premiums in September 2023 compared to the corresponding period in the previous fiscal year.

This data, recently released by the General Insurance Council, underscores the sector's impressive momentum.

The figures reveal a 14.86 per cent upswing, amounting to Rs 1,43,800.26 crore, for the first half of the year when juxtaposed with the same period in the prior year. Notably, there was also a substantial surge in premiums for private-sector insurance.

The September month witnessed a 24.77 per cent spike, reaching Rs 23,706.35 crore, as opposed to Rs 18,999.90 crore in September 2022, according to data from General Insurance Council.

Among all private sector insurance firms, National Insurance Company experienced a remarkable 120.91 per cent year-on-year surge in its gross direct premium in September, soaring to Rs 2,314.84 crore.

Meanwhile, Bajaj Allianz General Insurance saw a formidable 50.53 per cent year-on-year increase in its non-life insurance premium, amounting to Rs 1,827.97 crore in the preceding month. ICICI Lombard observed a 13.08 per cent uptick in its non-life insurance premium, reaching Rs 1,755.21 crore in September FY24 from Rs 1,552.23 crore in the corresponding period the previous year.

HDFC Ergo General Insurance Co Ltd registered a commendable 7.75 per cent rise in its general insurance premium, tallying Rs 1,831.92 crore.

Additionally, standalone health insurance experienced a notable 22.92 per cent surge in September, amounting to Rs 2,693.91 crore compared to the same month a year earlier. In the first half of FY24, it escalated by 25.24 per cent to Rs 14,607.09 crore, in contrast to Rs 11,663.36 crore in the corresponding period the previous year. The standalone health insurance premium of Niva Bupa Health Insurance Company Limited soared by an impressive 36.71 per cent year-on-year to Rs 458.54 crore in September this year.

Insurance premium constitutes the regular payment made by policyholders to their insurer firms to maintain an active policy. Policyholders have the option to make these payments either on a monthly or an annual basis.