The gross direct premium income of non-life insurance industry remained largely unchanged at ₹29,617.60 crore in October, compared with ₹29,597.59 crore in the year-ago period.
The non-life insurance segment comprises public and private general insurers, standalone health insurers, and specialised public sector insurers.
The four public sector general insurers — National Insurance, The New India Assurance, The Oriental Insurance, and United India Insurance — collectively reported an 11% year-on-year increase in gross premium collection to ₹9,698.19 crore. In contrast, 21 private general insurers together reported a 3% decline in premiums to ₹15,765.91 crore.
Standalone health insurers, however, continued to see a strong momentum, registering a 38% increase in gross premiums to ₹3,738.34 crore. The surge was largely attributed to the GST rate cut on individual health insurance. The GST Council has reduced the rate on individual health insurance premiums from 18% to 0% effective September 22. The exemption covers individual health plans, including family floater and senior citizen policies.
Among standalone health insurers, Niva Bupa saw the highest jump (67%) in premium collection to ₹687.77 crore while Aditya Birla’s premium rose 54% to ₹537 crore. The country’s largest standalone health insurer, Star Health, reported a 23% rise in premium collections to ₹1,451.33 crore.
