Premiums of non-life insurers up 28% in Oct

Non-life insurers have reported a 27.53 per cent year-on-year (Y-o-Y) growth in premiums in October, supported by growth in standalone health and multi-line insurers.

- AATHIRA VARIER

Recovery in motor sales supported growth of general insurers. Additionally, some companies have reported their premium figures based on the reporting format effective from October 1, 2024.

Additionally, data indicates that general insurers collected ₹25,396.68 crore in premiums in October, growing 23 per cent Y-o-Y over last year. While the largest general insurer, New India Assurance reported a 0.62 per cent Y-o-Y increase in premiums, the second largest ICICI Lombard General Insurance posted 7.48 per cent Y-o-Y growth. Other state-owned insurers United India Insurance posted 2.44 per cent Y-o-Y rise, National Insurance saw a 156.70 per cent Y-o-Y growth to ₹2,488.12 crore, and Oriental Insurance's premiums rose 11.6 per cent.

Among major private general insurers, Bajaj Allianz General reported over 100 per cent Y-o-Y growth to ₹3859.72 crore, and HDFC Ergo saw a decrease of 10.39 per cent Y-o-Y to ₹1629.85 crore.