Non-Life Insurers’ Revenue Rose In March, IRDAI Data Shows
The non-Life insurance industry’s gross premium underwritten rose 30% over the previous month to Rs 21,592 crore in March.
Revenue of non-life insurers rose in March, aided by growth across categories.
The industry’s gross premium underwritten rose 30% over the previous month to Rs 21,592 crore in March, according to data released by the Insurance Regulatory and Development Authority of India. The revenue also increased 11% year-on-year.
General insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, witnessed 25% increase in revenue over the preceding month at Rs 17,708 crore in March. Year-on-year, it rose 13%.
Standalone private health insurers’ revenue jumped 55% month-on-month to Rs 2,832 crore. It rose 16% over the year earlier.
Revenue for specialised state-run non-life insurers surged 89% over February to Rs 1,052 crore. It, however, fell 23% over March 2021.
Yearly Performance
The industry’s revenue rose 11% year-on-year to Rs 2.21 lakh crore for the fiscal ended March 2022.
Gross premium underwritten of:
General insurers rose 9% to Rs 1.85 lakh crore.
Standalone private health insurers increased 33% to Rs 20,880 crore.
Specialised state-run non-life insurers rose 14% to Rs 14,979 crore.
Here’s how India’s three listed non-life insurers fared in March 2022:
ICICI Lombard General Insurance
Revenue was up 2% month-on-month, while it jumped 49% over a year earlier to Rs 1,451 crore in March.
For the quarter ended March, revenue was up 34% year-on-year but down 0.7% sequentially.
FY22 revenue increased 28%.
Its market share stood at 8.15% as of March 2022 compared with 7.05% a year ago.
The New India Assurance
Gross premium was up 16% over the previous month and 3% year-on-year to Rs 2,608 crore in March.
For the January-March period, revenue fell 2% year-on-year and 17% sequentially.
The revenue was up 14% for FY22.
As of March, it’s the market leader with a share of 14.76%. That compares with 14.33% a year earlier.
Star Health & Allied Insurance
Gross premium for the standalone health insurer jumped 58% over the previous month, while it rose 1% year-on-year to Rs 1,622 crore.
For the quarter ended March, gross premiums rose 44% sequentially and 13% year-on-year.
The revenue rose 22% in FY22.
Its market share stood at 5.20% as of March 2022 against 4.71% at the end of March 2021.