Gross direct premium collection of non-life insurance companies grew 13.43% between April 2018 and February 2019. General insurers received premiums of Rs 1.52 lakh crore during the period, against Rs 1.34 lakh crore in the previous financial year.
Officials in the industry say the growth mostly came from health, motor insurance and personal accident insurance.
According to the data from Insurance Regulatory and Development Authority of India (Irdai), New India Assurance continued its dominant position with market share of around 14.04% and growth of 5.82% in premiums. Other public sector insurers such as United Indian Insurance and National Insurance Company saw negative growth in the period under review.
Oriental Insurance registered highest growth of 14.36% among four public sector insurance companies. All the four public sector insurers have a combined market share of 40.02%.
Senior officials in the insurance industry said, “Growth in health insurance has remained strong and we, in the past few months, have witnessed public sector insurers increasing the price in the loss-making group insurance plans. Even growth has been positive on aviation and personal accident policies. However, growth from traditional lines of business such as engineering and fire insurance has been lower compared to other category.” Currently, health and motor insurance constitute around 64.7% of the business.
Private players like Bharti AXA General Insurance, SBI General Insurance and Tata AIG General Insurance saw high double-digit growth. Among private insurers, ICICI Lombard General Insurance had market share of 8.93% and saw gross direct premium underwritten at `13,588.79 crore in the April-February period, against `11,501.23 crore in the same period last year, a growth of 18.5%.
Apart from general insurance, standalone health insurance companies also saw a surge in their premium at 40% in the period of April to February.
Standalone health insurers have seen an impressive growth so far this year, with Aditya Birla Health Insurance and Religare Health Insurance having grown 101.89% and 75.04%, respectively.
Special public sector insurers like Agriculture Insurance Company of India and Export Credit Guaranteed Corporation of India saw growth of (-) 3.67% and 1.35%, respectively, Irdai data showed.