Non-life insurers in India reported a 13.7% growth in gross direct premium in the April-June quarter of the financial year ending 31 March 2025 (1QFY25). This was driven by strong performance in health and motor segments, according to data released by the General Insurance Council.
Premiums earned by non-life insurers in 1QFY25 amounted to INR722.67bn ($8.65bn) compared to INR635.41bn in 1QFY24.
Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers such as Agriculture Insurance Company (AIC).
In 1QFY25, state-owned general insurers continued to lose market share. Their market share stood at 33.39% during the quarter, compared to 35.7% in 1QFY24. The private sector’s market share rose to 54.5% in 1QFY25 compared to 52.91%.
India’s largest non-life insurer, the state-controlled New India Assurance reported a 2.82% increase in premium to INR106.70bn in 1QFY25. The biggest private-sector general insurer, ICICI Lombard General Insurance, posted 20.37% growth to INR768.76bn in the quarter.