Collective gross direct premium underwritten for non-life insurance companies grew 20.51% year-on-year to Rs 25,640.66 crore for April, compared with Rs 21,277.67 crore for the same period last year, data from the General Insurance Council showed.
According to the data, released on Monday, gross direct premiums underwritten for 24 general insurance companies rose 18.91% YoY to Rs 23,371.50 crore during April, compared with Rs 19,655.52 crore in the corresponding period last year. Gross direct premiums underwritten for five standalone health insurers grew 34.33% to Rs 2,084.20 crore during the month under review, compared with Rs 1,551.58 crore in the year-ago period.
PSU insurer New India Assurance, the market leader in the non-life insurance space, saw a 10.40% Y-o-Y increase in its premium underwritten to `5,060.19 crore, while for Oriental Insurance Company, it rose 18.83% to Rs 1,535.49 crore during the month.
Premiums for United India Insurance and National Insurance Company rose 12.03% and 2.99% to `1,822.41 crore and `1,208.41 crore, respectively.
Among major general insurers in the private sector, ICICI Lombard General Insurance premium for last month grew 16.63% to `2,744.41 crore, while for Bajaj Allianz General Insurance, the same rose 29.23% to Rs 1,642.48 crore during the period. HDFC Ergo and Tata AIG General saw their premiums grow 13.20% and 35.48% to `1,436.50 crore and `1,562.92 crore, respectively.
In the standalone health insurance segment, Star Health and Allied Insurance and Care Health Insurance witnessed their gross direct premiums underwritten rose 25.02% and 37.55% year-on-year to `823.25 crore and `507.08 crore, respectively.