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The non-life insurance industry has received new business premium of Rs.2.30 lakh crore in April-December 2024. In April-December 2023, the industry received new business premium of Rs.2.13 lakh crore indicating a growth of 8% in a year.
While non-life players have received gross premium of Rs.1.95 lakh crore, standalone insurers underwrote new business premium of Rs.26,719 crore. Specialised insurance companies have received new business premium Rs.8190 crore in April-December 2024.
The New India Assurance is the leader in the non-life space in April-December 2024. The company has received the highest new business premium of Rs.29,438 crore. However, the company has witnessed marginal growth of 3% by receiving premium growth of Rs.986 crore compared to the corresponding period last year.
ICICI Lombard occupies the second spot with premium of Rs. 20,622 Crore, up by Rs. 1,920 Crore (10%). Bajaj Allianz, which has received gross premium of Rs. 17,112 crore in the first nine months of FY 2025 is at the third spot. The insurer witnessed a growth of 10%.
The Oriental Insurance Company and United India Insurance occupy the next two spots with gross premium of Rs. 14,935 crore and Rs. 14,321 crore, respectively.
Among others in the top 10 list are Tata AIG, National Insurance, HDFC Ergo, Star Health and Reliance General.
Tata AIG has emerged as the top performer in terms of absolute growth. The company has witnessed the highest growth of 18% by receiving additional premium of Rs.2040 crore to reach Rs.13,246 crore.
ICICI Lombard and Bajaj Allianz are the nest two in terms of absolute growth.
Let’s look at the company wise performance
|
Rank |
General Insurers |
Current Premium (Rs. in Crore) |
Previous Premium (Rs. in Crore) |
Absolute Change (Rs. in Crore) |
% change |
|
1 |
The New India Assurance |
29,438 |
28,451 |
986 |
3.46 |
|
2 |
ICICI Lombard |
20,622 |
18,702 |
1,920 |
10.26 |
|
3 |
Bajaj Allianz |
17,112 |
15,540 |
1572 |
10.11 |
|
4 |
The Oriental |
14,935 |
13,536 |
1,399 |
10.33 |
|
5 |
United India |
14321 |
14052 |
269 |
1.91 |
|
6 |
Tata AIG |
13,246 |
11,206 |
2,040 |
18.15 |
|
7 |
National Insurance |
12,884 |
11,754 |
1,129 |
9.6 |
|
8 |
HDFC Ergo General Insurance |
12,211.91 |
13,404.03 |
-1,192.12 |
-8.89 |
|
9 |
Star Health & Allied |
11,607 |
10,286 |
1,321 |
12.84 |
|
10 |
Reliance |
10,274 |
9,206 |
1,068 |
11.6 |
|
11 |
SBI General Insurance |
9,404 |
8,513 |
890 |
10.45 |
|
12 |
Agriculture Insurance |
7,224 |
7,336 |
-111 |
-1.51 |
|
13 |
Go Digit |
6,491 |
5,970 |
520 |
8.71 |
|
14 |
IFFCO-Tokio General Insurance |
6,310.75 |
7,625.39 |
-1,314.64 |
-17.23 |
|
15 |
Cholamandalam |
6,095 |
5,525 |
569 |
10.29 |
|
16 |
Care Health |
5,996 |
4,827 |
1,169 |
24.21 |
|
17 |
Niva Bupa Health Insurance |
4,683 |
3,848 |
835 |
21.69 |
|
18 |
Universal Sompo General Insurance |
4,017 |
3,724 |
293 |
7.86 |
|
19 |
Future Generali India |
3,730.00 |
3,352.00 |
378 |
11.27 |
|
20 |
Aditya Birla Health Insurance |
3,218 |
2,399 |
819 |
34.13 |
|
21 |
Royal Sundaram |
2818 |
2626 |
192 |
7.3 |
|
22 |
Shriram General Insurance |
2,654 |
2,159 |
495 |
22.92 |
|
23 |
Magma General Insurance |
2,245 |
2,023 |
222 |
10.97 |
|
24 |
Liberty General Insurance |
1,701 |
1,646 |
54 |
3.28 |
|
25 |
Acko |
1555 |
1363 |
192 |
14.08 |
|
26 |
Kotak Mahindra General Insurance |
1,400 |
1,075 |
325 |
30.23 |
|
27 |
ManipalCigna Health Insurance |
1209 |
1140 |
69 |
6.05 |
|
28 |
ECGC |
956 |
881 |
75 |
8.49 |
|
29 |
Zuno General Insurance |
736 |
580 |
156 |
26.89 |
|
30 |
Kshema |
715 |
514 |
201 |
39.1 |
|
31 |
Raheja QBE General Insurance |
311 |
161 |
149 |
92.54 |
|
32 |
Navi General Insurance |
41 |
48 |
-6.31 |
-12.5 |
|
33 |
Galaxy Health Insurance |
2.38 |
NA |
NA |
NA |
|
Total |
2,30,163 |
2,13,472 |
16,683 |
7.81 |
|
In terms of business segment, health insurance industry has received gross premium of Rs. 62,211 crore in April – December 2024. The premium amount has grown from Rs. 57,592 crore in April-December 2023, an increase of Rs. 4,619 crore or 8% growth.
Motor Insurance have seen premium growth of Rs. 5,542 crore to reach Rs. 71,681 crore in April-December 2024, showing 8% growth compared to the previous year.
Other insurance categories like fire, marine and miscellaneous insurance have seen premium growth of 7% to reach Rs. 61,401 crore.
Segment-wise performance data
|
Segment |
Current Premium (Rs. in Crore) |
Previous Premium (Rs. in Crore) |
Absolute Change (Rs. in Crore) |
Growth (%) |
|
Health Insurance |
62,211 |
57,592 |
4,619 |
8.02 |
|
Motor Insurance |
71,681 |
66,139 |
5542 |
8.38 |
|
Other Insurance |
61,401 |
59,026 |
2,375 |
6.86 |