Non-life insurers’ premium growth slows to 5.7% in July from 15.9% in June | Insurance News

Growth in gross direct premium underwritten by non-life insurers, including multi-line general insurers, standalone health insurers and specialised PSU insurers, slowed to 5.7 per cent year-on-year (YoY) in July, compared with nearly 16 per cent YoY growth in June, as premium growth at multi-line general insurers moderated.

According to data released by the General Insurance Council (GIC), the industry body for non-life insurers, gross direct premium underwritten by non-life insurers totalled ₹31,397.6 crore in July.

Premiums of multi-line general insurers grew 7.7 per cent YoY to ₹26,335.3 crore, while standalone health insurers posted a healthy 28.8 per cent YoY growth to ₹4,666 crore. Specialised PSU insurers, however, saw premiums decline by more than 75 per cent YoY to ₹396 crore.

In June, gross direct premium underwritten by non-life insurers stood at ₹27,196.3 crore, registering 15.9 per cent YoY growth. Premium underwritten in May stood at ₹24,195 crore, up 8.7 per cent YoY, while April recorded an 8.4 per cent increase to ₹36,417.7 crore.

Among leading insurers, in July, New India Assurance posted 4.5 per cent YoY growth in premium to ₹4,322.66 crore, while ICICI Lombard, the largest private sector general insurer, saw premium decline 3.1 per cent YoY to ₹2,405.7 crore.

Among leading PSU insurers, National Insurance’s premium rose 13.8 per cent YoY to ₹1,544.65 crore, while Oriental Insurance’s premium declined 17.6 per cent to ₹1,681.66 crore. United India Insurance recorded 28.1 per cent YoY growth in premium to ₹2,846.62 crore.

Among private insurers, HDFC ERGO’s premium rose 17.7 per cent YoY to ₹1,431.34 crore, while Bajaj General Insurance recorded 13 per cent growth to ₹2,374.76 crore. Tata AIG General Insurance’s premium increased 20.3 per cent to ₹1,872.21 crore, while SBI General Insurance recorded the strongest premium growth among leading players, with premium rising 25 per cent YoY to ₹1,686.39 crore.

Meanwhile, standalone health insurers posted 28.8 per cent YoY growth in premium to ₹4,665.9 crore. Star Health, the largest standalone health insurer, recorded 18.8 per cent YoY growth in premium to ₹1,803.6 crore, while Niva Bupa posted 33.7 per cent growth to ₹852.19 crore. Premium growth among standalone health insurers was nearly 30 per cent YoY in June.

During April-July of FY27, premium of general insurers rose 8.1 per cent YoY to ₹1.02 trillion. Standalone health insurers recorded 31.7 per cent YoY growth in premium to ₹16,827.16 crore.

Overall, premium underwritten by the non-life insurance industry grew 9.5 per cent YoY to ₹1.19 trillion during the April-July period.