Indian Non-life Insurers Log 13.65% Growth in October, National Insurance Losses over 50% Premium
IANS 06 November 2023
According to the flash figures issued by the industry lobby body General Insurance Council of India (GIC), the general insurance industry had earned a total premium of Rs23,814.64 crore, up from Rs0,954.89 crore earned during October 2022.
Within the overall, the 25-member general insurers’ club last month had booked a premium income of Rs20,635.72 crore (against Oct '22's Rs18,390.85 crore).
While the private general insurers logging 22.47% growth had earned a premium of Rs13,663.78 crore (Rs11,156.78 crore), the four public sector insurers earned Rs6,971.94 crore (Rs7,234.07 crore) and logged a negative growth of 3.62%.
The Kolkata-based National Insurance Company Ltd pulled down the overall industry and the public sector growth numbers by losing over 50% of its premium. The company last month booked a premium of Rs963.5 crore as against Rs1,958.32 crore.
The only consolation for the public sector is that The New India Assurance Company Ltd continues to remain the industry leader while the second, third and fourth places have been claimed by private insurers.
The five standalone health insurers last month earned a premium of Rs2,493.97 crore (Rs1,936.26 crore) logging a growth of 28.8%. The two specialised insurers—Agriculture Insurance Company of India Ltd and ECGC Ltd - last month had booked a premium of Rs684.95 crore (Rs627.78 crore).
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