The non-life insurance industry bounced back in October, as premiums grew at 15.51 per cent year-on-year (YoY) and marked a change from a disappointing number in September.
The industry netted premiums to the tune of Rs 20,423.38 crore in October, up 15.51 per cent from the year-ago period, according to data put out by General Insurance Council (GIC).
General insurers, who operate multiple lines of business, reported a 17.5 YoY growth of Rs 18,390.86 crore on the back of a robust performance by state-owned firms. Standalone health insurers reported a 20 per cent YoY jump in premiums in the same period.
Four state-owned insurers saw a 22.46 per cent YoY jump in premiums. Premiums of private sector insurers increased by 14.5 per cent YoY. Among top private sector insurers, ICICI Lombard netted premiums to the tune of Rs 2,047.12 crore, up 22.19 per cent YoY; Bajaj Allianz general’s premiums were up 24.54 per cent YoY to Rs 1,230 crore; and HDFC Ergo’s premiums were up 5 per cent YoY to Rs 1,298.19 crore.
