Non-life insurers have reported a 27.53 per cent year-on-year (Y-o-Y) growth in premiums in October, driven by growth in standalone health and multi-line insurers. Recovery in motor sales also supported the growth of general insurers. Additionally, some companies reported their premium figures based on the new reporting format effective from October 1, 2024.
Data indicates that general insurers collected Rs 25,396.68 crore in premiums in October, reflecting a 23 per cent Y-o-Y increase. The largest general insurer, New India Assurance, reported a 0.62 per cent Y-o-Y increase in premiums, while the second largest, ICICI Lombard General Insurance, posted a 7.48 per cent Y-o-Y growth. Other state-owned insurers, United India Insurance reported a 2.44 per cent Y-o-Y rise, National Insurance saw a 156.70 per cent Y-o-Y growth to Rs 2,488.12 crore, and Oriental Insurance's premiums rose 11.6 per cent.
