Non-Life Insurers' September Revenue Short Of Pre-Pandemic Levels
Non-life insurance business in India was below pre-pandemic level in September even as it recovered from the second wave of Covid-19.
The industry's revenue or gross premium underwritten rose 1.6% over August to Rs 22,226.4 crore in September, according to data filed with the the Insurance Regulatory and Development Authority of India. That's 2.8% lower than a year earlier and a 10% contraction from the pre-pandemic month of 2019.
General insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, witnessed a 22% increase in revenue over the preceding month to Rs 19,021.7 crore in September. That was 0.6% higher than a year earlier.
Standalone private health insurers' revenue rose 8% to Rs 1,743 crore month-on-month, recovering from the decline in August. On a year-on-year basis, it rose 32%.
Revenue for specialised state-run non-life insurers, which had been rising since June, declined 68% over August to Rs 1,461.7 crore. It fell 45% over September 2020.
Overall though, the July-September quarter fared better.
The industry reported a revenue of more than Rs 1.08 lakh crore in the first half of fiscal 2021-22, 13% higher than a year earlier.
Gross premium underwritten of :
General insurers was rose 11% to Rs 90,950.9 crore.
Standalone private health insurers' top line grew 39% to Rs 9,332 crore.
Specialised state-run non-life insurers' gross premium rose 10% to Rs 8,442.4 crore.
Here’s how India’s only two listed non-life insurers fared:
ICICI Lombard General Insurance
Revenue rose 39% over August to Rs 1,467.8 crore in September. It rose 35% over a year earlier.
For the quarter ended September, revenue surged 53% year-on-year and 31% sequentially.
Half-yearly revenue grew 33%.
Its market share stood at 7.9% as of September.
The New India Assurance
Gross premium increased 33% over the previous month and 7% year-on-year to Rs 3,038.7 crore in September.
For the July-September period, the top line rose 22% year-on-year and fell 9% over three months through June.
Revenue increased 20% year-on-year in the first six months of FY22.
As of September, it's the market leader with a share of 16%. However, it has been ceding ground.