INSURANCE
Non-life insurers report 14% growth in gross direct premium underwritten for March
Apr-09-2024

The General Insurance Council in its latest data (Provisional) has showed that non-life insurers reported 13.91% growth in gross direct premium underwritten at Rs 25030.32 crore for the month of March 2024 (excluding specialised companies - Agricultural Credit Insurance Company of India and ECGC) as compared to Rs 21973.32 crore in the March 2023. 

Of the total, private insurance companies, with market share of 84.71%, garnered gross direct premium underwritten of Rs 21422.06 crore in the month under review as compared to Rs 19538.43 crore in the corresponding month of previous year, registering a growth of 9.64%. Among all, premium of Bajaj Allianz General Insurance Co up 48.61%, Kotak Mahindra General Insurance Co up by 25.16%, ICICI Lombard General Insurance up by 18.06%, Reliance General Insurance Co up by 13.62% and SBI General Insurance Co up by 0.26%. 

Besides, health insurance companies having 11.43% market share registered a growth of 25.90% in gross direct premium at Rs 4316.94 crore over Rs 3429.00 crore in the previous year. Among all, premium of Aditya Birla Health Insurance Co up 50.42%, Niva bupa health insurance company up 28.28%, Care Health Insurance up 39.19% and Star Health & Allied Insurance Co up by 17.57%. 

Specialised insurers showed de-growth of 28.86% in gross direct premium underwritten at Rs 908.5 crore in March 2024 as compared to Rs 1277.04 crore in the March 2023. Within the specialised insurers, premium of Agricultural Credit Insurance Company of India down 32.69%, while ECGC down 4.46% in the month of March this year.

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