India's non-life insurance industry reported a 7% year-on-year increase in gross direct premium (GDPU) underwritten to INR1,539bn ($18.3bn) in the first three quarters of this year, according to provisional data released by the General Insurance Council.
The non-life segment comprises public and private general insurers, standalone health insurers and specialised public sector insurers.
Public-sector general insurers posted a combined GDPU of CNY473.7bn, growing by 3% in the first nine months of the year compared to the corresponding period in 2023. Their market share fell by 1.21 percentage points year on year to 30.78% of the total GDPU of the non-life market.
Among the four state-controlled general insurers, Orient Insurance was the only one to report an increase in market share. Its GDPU growth, at 8.49%, was also faster than the average of 6.66% for all general insurers.
Non-Life Insurers - Provisional figures for the first 9 months of 2024
|
Insurer
|
Gross direct premiums INR m
|
Market share %
|
|
9M2024
|
9M2023
|
Change
|
9M2024
|
9M2023
|
Change
|
|
New India Assurance
|
193,909.7
|
188,285.1
|
2.99%
|
12.60
|
13.09
|
-0.49ppt
|
|
National Insurance
|
78,640.1
|
83,516.1
|
-5.84%
|
5.11
|
5.81
|
-0.70ppt
|
|
Orient Insurance
|
100,522.5
|
92,651.8
|
8.49%
|
6.53
|
6.44
|
0.09ppt
|
|
United India Insurance
|
100,677.0
|
95,517.4
|
5.40%
|
6.54
|
6.64
|
-0.10ppt
|
|
Public-sector insurers
|
473,749.3
|
459,970.4
|
3.00%
|
30.78
|
31.99
|
-1.21ppt
|
|
Privately-held insurers
|
838,690.9
|
770,499.0
|
8.85%
|
54.50
|
53.58
|
+0.92ppt
|
|
General insurers
|
1,312,440.2
|
1,230,469.4
|
6.66%
|
85.28
|
85.57
|
-0.27ppt
|
|
Health insurers
|
182,175.3
|
146,067.4
|
24.72%
|
11.84
|
10.16
|
+1.68ppt
|
|
Specialised insurers
|
44,331.1
|
61,478.8
|
-27.89%
|
2.88%
|
4.28
|
-1.40ppt
|
|
Total
|
1,538,946.6
|
1,438,015.6
|
7.02%
|
100.0
|
100.0
|
-
|
|
Source: General Insurance Council; Flash Report
|
The biggest private-sector general insurer was ICICI Lombard General Insurance which posted a GDPU of INR144.1bn for the first nine months of this year, rising by 15.5% over the corresponding period in 2023.