Crop Insurance Fuels Non-Life Insurers' Revenue Uptick In August
Non-life insurers' revenues rose to their highest this year, led by a surge in the metric among state-run insurers.
The industry's revenue, or gross premium underwritten, grew 8.4% sequentially to Rs 21,871.7 crore in August, according to data released by the Insurance Regulatory and Development Authority of India. It rose 24.4% year-on-year.
That's 37% higher than August 2019, the comparative period prior to the the pandemic.
That came amid single-digit declines in revenues of general and standalone private insurers, over the preceding month.
General insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, witnessed a 5% decline in revenue over the preceding month to Rs 15,648.6 crore in August. However, it was 17.9% higher than the year earlier.
Standalone private health insurers' revenue fell 7.9% to Rs 1,613.5 crore month-on-month. On a year-on-year basis, it rose 26.1%.
Revenue for specialised state-run non-life insurers surged 136.5% over July to Rs 4,609.6 crore, which was 52.5% higher than in August 2020.
Agriculture Insurance Company of India Ltd., which provides crop insurance to farmers under various government schemes, registered a sequential growth of 145.2% in its gross premiums to Rs 4,547 crore, contributing to increased revenues of state-run non-life insurers. On a year-on-year basis, it rose 54%.
Here’s how India’s two listed non-life insurers fared...
ICICI Lombard General Insurance
Revenue fell 10.7% month-on-month to Rs 1,054.9 crore in August. Over the preceding year, it increased 4.3%.
Market share stood at 6.9%.
The New India Assurance Co.
Gross premium fell 16.7% over the preceding month to Rs 2,279.8 crore in August. Year-on-year, it increased 30.6%.
It maintained its market leading share at 16.1% in August, slightly lower than in July.