Robust Growth in October 2024
Key Highlights:
- Overall Sector Growth: The Indian general insurance sector recorded a 27.53% year-on-year (Y-o-Y) increase in gross direct premium income in October 2024, reaching ₹30,378.01 crore, up from ₹23,821.05 crore in October 2023.
- Standout Performers: Four insurers registered triple-digit premium growth:
- National Insurance Company: ₹2,488.12 crore (156.70% growth)
- Bajaj Allianz General Insurance: ₹3,859.72 crore (109.86% growth)
- Kshema General Insurance: ₹272.86 crore (278.29% growth)
- Agriculture Insurance Company of India: ₹1,761.03 crore (200.30% growth)
Segmented Growth and Performance Analysis
- Standalone Health Insurers: Premium income rose to ₹3,119.06 crore in October 2024, compared to ₹2,494.54 crore in October 2023.
- Specialized General Insurers: ECGC Ltd and Agriculture Insurance Company earned ₹1,862.27 crore last month, a sharp increase from ₹684.97 crore in the corresponding period the previous year.
Underperforming Insurers
- Four insurers, including HDFC Ergo General Insurance, Navi General Insurance, Royal Sundaram General Insurance, and SBI General Insurance, reported negative growth during the month.
Year-to-Date Performance (April-October 2024)
- The general insurance industry earned ₹1,84,272.08 crore in gross premiums, compared to ₹1,67,620.26 crore during the same period in 2023.
Market Share Insights
- Market Leaders:
- The New India Assurance: Maintains the top spot with a 12.26% market share.
- ICICI Lombard General Insurance: Holds 9.08% of the market.
- Bajaj Allianz General Insurance: Commands a 7.82% share.
A Positive Outlook for General Insurance
The remarkable performance of certain players, combined with the steady growth in health and specialized segments, underscores the resilience of the Indian general insurance sector. While some insurers faced challenges, the overall trajectory signals strong potential for sustained growth.
