General insurance companies posted 32 percent growth in gross direct premiums underwritten to nearly Rs 12,000 crore in August, according to Insurance Regulatory and Development Authority of India data.
The total premium written between April and August after deducting reinsurance and ceding commission stood at Rs 55,000 crore, an increase of 21 percent.
Almost all the insurance companies have seen double-digit growth over the past five months, increasing the overall annual insurance business by more than 20 percent. If this trend continues, the industry will exceed the market expectations by touching more than Rs 1,50,000 crore by the end of 31 March 2018.R Chandrasekaran, Secretary General, General Insurance Council
The New India Assurance Co. Ltd. recorded highest growth in underwritten premium at Rs 1,366 crore, up 19 percent year-on-year. Among the private general insurance companies, ICICI Lombard General Insurance Co. Ltd. and Bajaj Allianz General Insurance spearheaded the underwritten premium at Rs 945 crore and Rs 840 crore, respectively.
Agriculture Insurance Company of India Ltd. (AIC), among specialised insurers, rose the highest to Rs 1,708 crore, up by nearly 180 percent over the corresponding quarter last year.
This led the insurer to gain a market share of nearly 4 percent as of August, up 150 percent over the corresponding period last year, on the back of increased crop insurance business underwritten on boost from Pradhan Mantri Fasal Bima Yojana (PMFBY). Among private health insurers, Star Health and Allied Insurance Co. Ltd wrote the highest premium of Rs 281 crore.
The market share of public insurers rose to 46 percent up to August, while the private health insurers doubled their market share compared to the public insurers over the last year to 45 percent.