Indian non-life insurers log 7.37% growth in Nov, PSUs negative growth

CHENNAI: The Indian non-life insurance industry, including standalone health and specialised insurers, closed November 2023 with 7.37 per cent premium growth over the corresponding period last year.

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 Rs. 20,623.92 crore, up from Rs. 19,207.77 crore earned during November 2022.

Within the overall, the 25-member general insurers’ club last month had booked a premium income of Rs.17,926.8 crore (November 22 Rs.17,045.64 crore). While the private general insurers logging 9.57 per cent growth had earned a premium of Rs.11,561.32 crore (Rs.10,551.51 crore), the four public sector insurers earned Rs.6,365.48 crore (Rs.6,494.13 crore) and logged a negative growth of 1.98 per cent.

Among the four public sector insurers, the New India Assurance Company Ltd and National Insurance Company Ltd logged negative growth while, the Oriental Insurance Company Ltd and United India Insurance Company Ltd, logged positive growth last month.

Be that as it may, the five standalone health insurers last month earned a premium of Rs.2,484.64 crore (Rs.2,026.20 crore) logging a growth of 22.63 per cent.

The two specialised insurers, Agriculture Insurance Company of India Ltd and ECGC Ltd, last month had booked a premium of Rs.212.48 crore (Rs.135.93 crore).