Indian non-life insurers log 13.65% growth in Oct, National Insurance losses over 50% premium

Chennai : The Indian non-life insurance industry - including standalone health and specialised insurers - closed last month with 13.65 per cent premium growth over October 2022.

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 23,814.64 crore, up from Rs 20,954.89 crore earned during October 2022.

Within the overall, the 25-member general insurers’ club last month had booked a premium income of Rs 20,635.72 crore (against Oct '22's Rs 18,390.85 crore). While the private general insurers logging 22.47 per cent growth had earned a premium of Rs 13,663.78 crore (Rs 11,156.78 crore), the four public sector insurers earned Rs 6,971.94 crore (Rs 7,234.07 crore) and logged a negative growth of 3.62 per cent.

The Kolkata-based National Insurance Company Ltd pulled down the overall industry and the public sector growth numbers by losing over 50 per cent of its premium. The company last month booked a premium of Rs 963.5 crore as against Rs 1,958.32 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 Rs 2,493.97 crore (Rs 1,936.26 crore) logging a growth of 28.8 per cent. The two specialised insurers – Agriculture Insurance Company of India Ltd and ECGC Ltd - last month had booked a premium of Rs 684.95 crore (Rs 627.78 crore).