According to the latest data released by the General Insurance Council, premiums for non-life insurance companies increased by 29.06 per cent in September 2023 compared to the same period in previous financial years, indicating strong growth in the general insurance sector.
According to the data, premium increased by 14.86% Rs 143,800.26 crore in the first half of the year compared to the first half of last year. There was also a sharp increase in private sector insurance premiums. Private sector insurance premium increased by 24.77% in the month of September against 23,706.35 18,999.90 in September 2022.
Among all the private sector insurance companies, National Insurance Company Limited saw a huge jump in gross direct premiums in the month of September. Company’s premium increased by 120.91% on annual basis 2,314.84 crore in September.
Bajaj Allianz General Insurance Company Limited’s non-life insurance premium increased by 50.53% YoY Rs 1,827.97 crore last month. ICICI Lombard sees 13.08% rise in non-life insurance premiums From Rs 1,755.21 crore in September FY24 1,552.23 during the year-ago period.
HDFC ERGO General Insurance Company Limited sees an increase of 7.75% in general insurance premiums 1,831.92 crore.
Standalone health insurance grew 22.92% in September
Standalone health insurance saw 22.9% growth last month Compared to the same month a year ago, it was Rs 2,693.91 crore. It increased by 25.24% in H1FY24 Rs 14,607.09 crore against It was Rs 11,663.36 crore in the year-ago period. Niva Bupa Health Insurance Company Limited’s standalone health insurance premium increased by 36.71% YoY In September this year it stood at Rs 458.54 crore.
Insurance premium is the amount paid regularly by policyholders to their insurer firms to keep the policy in force. They can choose to pay the amount monthly or annually.
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