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Non-Life Insurers’ Revenue Rises After Two Months

Revenue or gross premium underwritten for the industry increased 20.24% over the previous month to Rs 14,809.27 crore in June,

<div class="paragraphs"><p>Filling insurance forms. (Photographer: Akio Kon/Bloomberg)</p></div>
Filling insurance forms. (Photographer: Akio Kon/Bloomberg)

Non-life insurers saw their revenue rise after two months as restrictions imposed to curtail the deadlier second Covid-19 wave gradually eased.

Revenue or gross premium underwritten for the industry increased 20.24% over the previous month to Rs 14,809.27 crore in June, according to data released by the Insurance Regulatory and Development Authority of India. Year-on-year, it rose 6.98%.

  • General insurance companies, which cover for home, travel, motor, health, fire and other natural or man-made calamities, saw their revenue rise 20.5% month-on-month to Rs 13,041.51 crore in June. Year-on-year, it rose 4.87%.

  • Revenue for state-run non-life insurers surged 142.13% over May to Rs 210.87 crore, but contracted 38.81% over June 2020.

  • Standalone private health insurers grew at 10.68% at Rs 1,556.89 crore. Year-on-year, too, the revenue increased 46.61%, increasing awareness and importance of obtaining health insurance covers amid concerns of heavy medical expenditure during the Covid-19 pandemic.

Here’s how India’s only two listed non-life insurers fared...

ICICI Lombard General Insurance Co.

  • Revenue rose 10.55% over May to Rs 1,032.61 crore in the reported month. Over the prior year, it increased 0.64%.

  • For the quarter ended June, revenue jumped 13.04% year-on-year and 8.57% sequentially.

  • Its market share as of June 2021 is 8.4%.

The New India Assurance Company

  • Gross premium saw a 24.66% rise over the previous month to Rs 2,752.23 crore in June. Year-on-year, it increased 8.61%.

  • For the April-June period, revenue rose 17.5% year-on-year and 28.02% over the three months through March.

  • As of June 2021, it has the largest market share at 19.88%.