The Irdai data showed that in the current financial year, gross direct premium underwritten by the industry was Rs 55,006.57 crore compared to Rs 45,307.15 crore seen in last fiscal a growth of around 21.41%.
General insurance companies registered 32% growth in gross direct premium underwritten to Rs 11,931.02 crore in August, according to Insurance Regulatory and Development Authority of India data. After a single-digit growth in July, the general insurers again saw double-digit growth in August, largely due to the strong growth by private and health insurance companies. The gross premium underwritten by insurers in the same month a year ago was Rs 9,013.43 crore. The Irdai data showed that in the current financial year, gross direct premium underwritten by the industry was Rs 55,006.57 crore compared to Rs 45,307.15 crore seen in last fiscal a growth of around 21.41%. In the first five months of current financial year, private sector insurers grew at 24.47% and received Rs 24,658.09 crore in gross direct premium. While, public sector insurers saw lower growth compared to private peers at 12.54% and receiving Rs 25,251.26 crore in gross direct premium in April-August period.
In August, all four public sector insurers New India Assurance, United India Insurance, National Insurance and Oriental Insurance saw growth in the range of 8-14%. “In the month of July, three out of four public sector insurance companies saw negative growth, but again in August we have seen growth coming back in the industry. In terms of segment such as motor and health continued to remain top segments for us in the month of August,”said a senior official from leading public sector insurer. New India Assurance, remains top player with market share of 15.19% as on August, 2017.
Among the private players, ICICI Lombard leads at market share of 9.59%, followed by Bajaj Allianz at 6.17% and HDFC Ergo at 4.93%, the data showed. “We hope to see atleast 20% of growth every month for next few months. While on the one side there has been flat growth witness in fire and marine segment, health insurance has continued to deliver higher growth in this fiscal,” said a CEO of private sector company. Apart from general insurance, stand alone health insurance companies also saw surge in their premium income by 38.27% in the month of August. Even in this fiscal they have managed to grow at higher pace at 42.52%, suggests the data from Irdai.