Informist, Friday, Feb 9, 2024
MUMBAI – The premium income of general insurance companies in India rose 6.6% on year in January to 272.21 bln rupees, according to data released by the General Insurance Council. In December, the premium income was 250.98 bln rupees.
Among public sector general insurance companies, the gross premiums of New India Assurance Co rose 3% on year to 32.64 bln rupees, while that of United India Insurance Co and Oriental Insurance jumped 14.7% and 10.4% on year, respectively.
New India Assurance Co Ltd remains the industry leader with 13.18% market share, though this was lower than 13.75% a year ago.
The gross premiums of ICICI Lombard General Insurance Co rose 14.4% to 23.79 bln rupees and the gross premium income of Bajaj Allianz General Insurance Co surged 18.0% on year to 19.75 bln rupees last month. The gross premium of SBI General Insurance surged 22.7% on year to 16.09 bln rupees in January.
Following is a table of gross direct premium underwritten by leading general insurance companies in January (in descending order), in bln rupees, compared with the year-ago period:
| Insurer | Gross direct premium underwritten | Market share (%) | |||
| Dec 2024 | Dec 2023 | YoY % | Dec 2024 | Dec 2023 | |
| New India Assurance Co Ltd | 32.64 | 31.70 | 2.96 | 13.18% | 13.75% |
| ICICI Lombard General Insurance Co Ltd | 23.79 | 20.80 | 14.36 | 8.76% | 8.52% |
| United India Insurance Co Ltd | 22.59 | 19.70 | 14.69 | 6.78% | 6.96% |
| Bajaj Allianz General Insurance Co Ltd | 19.75 | 16.74 | 17.95 | 7.28% | 6.24% |
| Oriental Insurance Co Ltd | 16.97 | 15.37 | 10.35 | 6.33% | 6.17% |
| SBI General Insurance Co Ltd | 16.09 | 13.12 | 22.68 | 4.21% | 3.86% |
| HDFC Ergo General Insurance Co Ltd | 15.09 | 12.61 | 19.61 | 6.20% | 6.20% |
| Star Health & Allied Insurance Co Ltd | 14.13 | 11.95 | 18.27 | 4.86% | 4.68% |
| Tata AIG General Insurance Co Ltd | 13.00 | 12.92 | 0.65 | 5.20% | 5.02% |
| National Insurance Co Ltd | 10.48 | 11.49 | -8.79 | 5.32% | 5.98% |
| IFFCO-Tokio General Insurance Co Ltd | 8.68 | 9.29 | -6.54 | 3.53% | 3.78% |
| Agriculture Insurance Co Of India Ltd | 8.63 | 23.12 | -62.66 | 3.41% | 5.85% |
| Reliance General Insurance Co Ltd | 8.49 | 7.71 | 10.09 | 4.18% | 4.17% |
| Future Generali India Insurance Co Ltd | 7.07 | 5.27 | 34.24 | 1.69% | 1.71% |
| Go Digit General Insurance Ltd | 6.75 | 4.95 | 36.20 | 2.76% | 2.36% |
| Cholamandalam MS General Insurance Co Ltd | 6.66 | 5.96 | 11.75 | 2.57% | 2.34% |
| Care Health Insurance Ltd | 6.52 | 4.93 | 32.38 | 2.28% | 1.95% |
| Niva bupa health insurance company limited | 5.48 | 4.09 | 33.89 | 1.83% | 1.48% |
| Aditya Birla Health Insurance Co Ltd | 4.77 | 3.30 | 44.77 | 1.20% | 1.03% |
| Magma HDI General Insurance Co Ltd | 4.37 | 3.21 | 35.86 | 1.02% | 1.01% |
| Royal Sundaram General Insurance Co Ltd | 3.86 | 3.14 | 22.81 | 1.25% | 1.30% |
| Universal Sompo General Insurance Co Ltd | 3.77 | 5.10 | -26.12 | 1.70% | 1.71% |
| Shriram General Insurance Co Ltd | 2.77 | 1.97 | 40.77 | 1.01% | 0.84% |
| ManipalCigna Health Insurance Co Ltd | 2.08 | 1.34 | 55.04 | 0.56% | 0.50% |
| Acko General Insurance Ltd | 1.78 | 1.35 | 31.16 | 0.64% | 0.57% |
| Liberty General Insurance Co. Ltd | 1.77 | 1.76 | 0.85 | 0.76% | 0.76% |
| Kotak Mahindra General Insurance Co Ltd | 1.67 | 0.93 | 79.15 | 0.52% | 0.41% |
| ECGC Ltd | 1.07 | 0.96 | 11.61 | 0.41% | 0.44% |
| Zuno General Insurance Co Ltd | 1.00 | 0.41 | 141.93 | 0.28% | 0.21% |
| Raheja QBE General Insurance Co Ltd | 0.33 | 0.16 | 104.31 | 0.08% | 0.17% |
| Kshema General insurance | 0.13 | -- | -- | 0.22% | -- |
| Navi General Insurance Co. Ltd | 0.04 | 0.06 | -28.18 | 0.02% | 0.03% |
| Grand Total | 272.21 | 255.42 | 6.57 | 100.00% | 100.00% |
End
Reported by Richard Fargose
Edited by Avishek Dutta
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