According to industry statistics from November 2023, stand-alone health insurers have significantly fueled the expansion of the non-life insurance market.
In the eight months that concluded in November 2023, the insurance business earned a premium of Rs 1,88,247 crore, according to flash numbers issued by the General Insurance Council. This represents a 13.8% rise over the Rs 1,65,359 crore registered in the same time last year.
In the first eight months of FY23, health insurers recorded a total premium of Rs 19,585 crore, a 25% rise above Rs 15,625 crore. Without health insurance firms, the non-life industry's premium rise would have been 12.6%.
The industry sources stated that a third of the premium for general insurers comes from health insurance, where growth has been roughly 25%, even though the segment-wise premium data are not yet public. This implies that the total share of health insurance would now be closer to forty percent.
In terms of raw numbers, Bajaj Allianz is the company that increased its premium income the highest this year, with a total premium of Rs 14,115 crore, up 35% from Rs 10,399 crore the previous year.
ICICI Lombard reported premium income of Rs 16,722 crore for the first eight months of FY23, a rise of Rs 2,325 crore (16%). With the largest premium book, public sector New India Assurance increased by 8% to Rs 24,381 crore.
The other businesses that increased last year's collections by more over Rs 1,000 crore in the first eight months were Tata AIG, Oriental Insurance, Star Health & Allied, Go Digit, SBI General, HDFC Ergo, Cholamandalam, Care Health, and Reliance General.
