Collective gross direct premium underwritten for non-life insurance companies grew 15.51% year-on-year to Rs 20,423.38 crore in October from Rs 17,681.36 crore a year ago, data from the General Insurance Council show.
Notably, the non-life insurance sector has witnessed an over 15% growth after two months. Gross direct premium underwritten grew by a marginal 2.66% y-o-y in September and stood at 11.91% in August. In July, the sector had posted a 16.05% y-o-y growth.
During the first seven months of this fiscal, gross direct premium underwritten for 31 non-life insurers rose 15.34% y-o-y to Rs 1.46 trillion against Rs 1.26 trillion a year ago. Up to October, premium underwritten for 24 general insurance companies grew 15.39% y-o-y to Rs 1.23 trillion, while for five stand-alone private insurers, it increased by 25.78% to Rs 13,599.90 crore.
In October, premium underwritten by general insurers witnessed an increase of 17.50% y-o-y to Rs 18,390.86 crore against Rs 15,651.81 crore a year ago. For stand-alone private insurers, it rose 20.33% y-o-y to Rs 1,937.95 crore from Rs 1,610.51 crore in October 2021.
PSU insurer New India Assurance, the market leader in the non-life insurance space, saw a marginal 2.87% y-o-y rise in its premium to Rs 2,783.61 crore in October, while for Oriental Insurance Company, it fell 3.23% y-o-y to Rs 1,096.46 crore. Premiums for United India Insurance and National Insurance Company rose 19.67% and 117.12% y-o-y to Rs 1,395.69 crore and Rs 1,958.22 crore, respectively.
Among major general insurers in the private sector, for ICICI Lombard General Insurance, premium in October grew 22.19% y-o-y to Rs 2,047.12 crore, while for HDFC Ergo, it rose 5.02% to Rs 1,298.19 crore. Bajaj Allianz General Insurance and Tata AIG General Insurance witnessed 24.54% and 30.62% y-o-y jump in their premiums in October to Rs 1,230.01 crore and Rs 1,200.34 crore, respectively.