Public Sector Firms Drive Surge In Non-Life Insurers' July Revenue
Aggregate revenue of India's non-life insurers' revenue rose to its highest level this year in July, aided by a surge across all categories. State-run firms led the growth.
Revenue or gross premium underwritten for the industry increased 36.2% over June to Rs 20,171.2 crore in July, according to data released by the Insurance Regulatory and Development Authority of India. It rose 19.5% over a year earlier.
General insurance companies, covering home, travel, motor, health, fire and other natural or man-made calamities, saw their revenue rise 26.3% over the prior month to Rs 16,469.2 crore in July. Year-on-year, it rose 17.6%.
Standalone private health insurers' revenue grew 12.6% to Rs 1,752.8 crore. It jumped 27.5% over July 2020.
The revenue of state-run non-life insurers surged 824.4% (or ninefold) month-on-month to Rs 1,949.2 crore, and jumped 29.4% on an annual basis.
Here’s how India’s only two listed non-life insurers fared...
ICICI Lombard General Insurance Co.
Revenue rose 14.5% over June to Rs 1,181.8 crore in July. Over the prior year, it increased 8.5%.
Its market share stood at 7.6%.
The New India Assurance Company
Gross premium fell 0.5% over the previous month to Rs 2,737.5 crore in July. Year-on-year, it increased 37%.
It continues to maintain market leading share at 17.9% as of July.