Private Health Covers Cushion Non-Life Insurers’ Revenue In October
Private health plans fared better than other segments in non-life insurance in October as awareness around such covers continue to grow amid the Covid-19 pandemic.
The industry’s revenue, or gross premium underwritten, rose 11% each over the year earlier and the corresponding pre-pandemic period in 2019 to Rs 17,680 crore, according to data released by the Insurance Regulatory and Development Authority of India. Month-on-month, however, it fell 20%.
Standalone private health insurers’ revenue surged 31% over the year ago to Rs 1,609 crore. Month-on-month, it fell 8% — the lowest among other categories.
Revenue of general insurers, which offer cover for home, travel, motor, health, fire and other natural or man-made calamities, stood at Rs 15,652 crore, up 10% year-on-year. It fell 18% over September.
Revenue for specialised state-run non-life insurers, which includes crop insurance, rose 5% year-on-year to Rs 419 crore. It declined 71% over September.
Here’s how India’s two listed non-life insurers fared in October...
ICICI Lombard General Insurance
Revenue rose 12% year-on-year to Rs 1,675 crore. It also increased 14% over the preceding month.
Its market share stood at 8.14%.
The New India Assurance Co.
Gross premium surged 35% year-on-year to Rs 2,706 crore. It, however, fell 11% over September.
While it remained the market leader with 15.5% share in October, it has been gradually declining over the months.