Non-Life Insurers’ Revenue Rebounds In December

Revenue of non-life insurers rose after two months in December.

The industry’s revenue or gross premium underwritten rose 20% over the previous month to Rs 18,953 crore in December, according to data by the Insurance Regulatory and Development Authority of India. That’s 7% higher than a year earlier and 18% above the corresponding pre-pandemic period in 2019.

• General insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, witnessed a 19% increase in revenue over the preceding month at Rs 16,110 crore in December. Year-on-year, it rose 4%.

• Standalone private health insurers’ revenue rose 15% month-on-month to Rs 1,740 crore. It jumped 31% over the year earlier.

• Revenue for specialised state-run non-life insurers surged 67% over November to Rs 1,103 crore. It rose 26% over December 2020.

Nine-Months’ Performance

The industry’s revenue rose 11% year-on-year to Rs 1.61 lakh crore for the nine months ended December 2021.

Gross premium underwritten of:

• General insurers rose 9% to Rs 1.36 lakh crore.

• Standalone private health insurers increased 36% to Rs 14,198 crore.

• Specialised state-run non-life insurers rose 10% to Rs 10,605 crore.

Here’s how India’s only two listed non-life insurers fared in December 2021:

ICICI Lombard General Insurance

• Revenue remained flat month-on-month but rose 24% over a year earlier to Rs 1,513 crore in December.

• For the quarter ended December, revenue was up 16% year-on-year but down 4% sequentially.

• Revenue for April-December increased 26%.

• Its market share stood at 8.26% as of December.

The New India Assurance

• Gross premium jumped 61% over the previous month and 14% year-on-year to Rs 3,631 crore in December.

• For the October-December period, top line rose 19% year-on-year and 7% sequentially.

• Revenue rose 19% year-on-year in the first nine months of FY22.

• As of December, it’s the market leader with a share of 15.82%.