The growth rate of gross direct insurance premiums underwritten by non-life insurers decreased to 5.7% year-on-year (YoY) in July. This figure contrasts with the nearly 16% growth recorded in June, which was attributed to a slowdown in premium growth among multi-line general insurers.
According to data published by the General Insurance Council (GIC), the total amount of direct premiums underwritten by non-life insurers reached ₹31,397.6 crore in July. Market participants include multi-line general insurers, standalone health insurers, and specialized Public Sector Undertaking (PSU) insurance companies.
Premium Growth Details
Premiums for multi-line general insurers increased by 7.7% YoY, reaching ₹26,335.3 crore. Meanwhile, standalone health insurers demonstrated robust growth of 28.8% YoY, collecting ₹4,666 crore. However, specialized PSU insurers faced a significant decline, showing a drop in premiums of over 75% YoY, amounting to ₹396 crore.
For comparison, in June, the gross direct premium underwritten by non-life insurers stood at ₹27,196.3 crore, reflecting a 15.9% YoY growth. In May, the premium reached ₹24,195 crore, showing an 8.7% YoY increase, while April saw an increase of 8.4% to ₹36,417.7 crore.
Leading Insurers' Results
Among leading companies, New India Assurance reported a premium growth of 4.5% YoY in July, bringing it to ₹4,322.66 crore. Conversely, the largest private general insurer, ICICI Lombard, recorded a premium decline of 3.1% YoY, totaling ₹2,405.7 crore.
Among leading PSU insurers, National Insurance's premium grew by 13.8% YoY to ₹1,544.65 crore, while Oriental Insurance showed a premium decrease of 17.6% to ₹1,681.66 crore. United India Insurance registered a premium growth of 28.1% YoY, reaching ₹2,846.62 crore.
Among private insurers, HDFC ERGO's premium increased by 17.7% YoY to ₹1,431.34 crore, and Bajaj General Insurance showed a growth of 13%, reaching ₹2,374.76 crore. Tata AIG General Insurance's premium rose by 20.3% to ₹1,872.21 crore, and SBI General Insurance demonstrated the strongest growth among leaders, increasing its premium by 25% YoY to ₹1,686.39 crore.
Regarding standalone health insurers, they showed a premium growth of 28.8% YoY to ₹4,665.9 crore. Star Health, the largest standalone health insurer, increased its premium by 18.8% YoY to ₹1,803.6 crore, while Niva Bupa recorded a growth of 33.7% to ₹852.19 crore. In June, the premium growth among standalone health insurers approached 30% YoY.
For the period from April to July of the financial year, the general insurers' premium grew by 8.1% YoY to ₹1.02 trillion. Standalone health insurers showed a premium growth of 31.7% YoY, reaching ₹16,827.16 crore. Overall, the premium underwritten by the non-life insurance industry increased by 9.5% YoY to ₹1.19 trillion for the period from April to July.



