The non-life insurance industry reported a 7% year-on-year decline in gross direct premium underwritten to ₹27,550.93 crore in September, largely due to lower premium collections by large public sector insurers.
The non-life segment comprises public and private general insurers, standalone health insurers and specialised public sector insurers.
The combined gross direct premium of the four public sector general insurers dropped 9% YoY to ₹8,125.67 crore. National Insurance Company reported the steepest decline, with premium collections dropping by 32% to ₹1,576.72 crore. United India Insurance saw a sharp 18% decline in premium collections to ₹1,318.8 crore. The country’s largest general insurer, New India Assurance, posted a 9% growth in premiums to ₹3,141.34 crore while the premium growth for Oriental Insurance remained flat at ₹2,088.78 crore.
The combined gross direct premiums of private general insurers stayed flat at ₹14,859.73 crore during the month under review. Major private insurers like Bajaj Allianz and HDFC Ergo reported a negative growth, with Bajaj Allianz’s premium falling 8% to ₹1,689.17 crore and HDFC Ergo’s premium declining 5.41% to ₹1,732.75 crore. Tata AIG reported a significant 33% growth in premiums at ₹1,755.33 crore.
The standalone health insurance segment posted a 26% growth in premiums to ₹3,388.07 crore. Star Health, the largest standalone health insurer, recorded an 18% increase in premium collections to ₹1,469 crore, followed by Care Health (₹710.46 crore) and Niva Bupa Health Insurance (₹601.5 crore).