INSURANCE
Non-life insurers report 13% growth in gross direct premium underwritten for February
Mar-11-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 13.24% growth in gross direct premium underwritten at Rs 20657.84 crore for the month of February 2024 (excluding specialised companies - Agricultural Insurance Company of India and ECGC) as compared to Rs 18242.88 crore in the February 2023. 

Of the total, general insurance companies, with market share of 85.15%, garnered gross direct premium underwritten of Rs 18284.16 crore in the month under review as compared to Rs 16380.96 crore in the corresponding month of previous year, registering a growth of 11.62%. Among all, premium of Bajaj Allianz General Insurance Co up 38.52%, Kotak Mahindra General Insurance up 49.35% and ICICI Lombard General Insurance up by 38.57%, while premium of SBI General Insurance Co down by 13.61%. 

Besides, health insurance companies having 10.95% market share registered a growth of 29.33% in gross direct premium at Rs 3000.17 crore in February 2024 over Rs 2319.69 crore in the previous year. Among all, premium of Aditya Birla Health Insurance Co up 66.41%, Niva bupa health insurance company up 34.94%, Care Health Insurance up 36.86% and Star Health & Allied Insurance Co up by 19.29%. 

Specialised insurers showed de-growth of 6.73% in gross direct premium underwritten at Rs 1094.06 crore in February 2024 as compared to Rs 1172.97 crore in the February 2023. Within the specialised insurers, premium of Agricultural Insurance Company of India down 9.26%, while ECGC registered growth of 21.67% in the month of February this year.

  RELATED NEWS >>