General Insurance Premiums See Strong 27.5% Growth in October 2024, Driven by Health and Motor Insurance Demand
India’s general insurance sector marked a substantial 27.5% increase in gross direct premiums in October 2024, as revealed by data from the General Insurance Council of India. This growth highlights an accelerating demand across various insurance segments, driven by a heightened focus on health, motor, and agricultural coverage.
| Category | Details |
|---|---|
| Overall Premium Growth | 27.5% increase in gross direct premiums in October 2024 |
| Standalone Health Insurers | 25% growth collectively among standalone health insurers |
| Leading Health Insurers | Niva Bupa (30.6%), Aditya Birla Health (54.6%), Star Health. |
| Motor Insurance | Significant growth in motor insurance premiums |
| Agricultural Insurance | Agriculture Insurance Co. recorded 200.3% growth in premiums |
| Top Private Insurers | Bajaj Allianz (109.9%), ICICI Lombard (7.5%), Cholamandalam MS (20%) |
| Top Public Insurers | National Insurance Co. achieved 156.7% growth |
Key Growth Drivers
- Health Insurance: Standalone health insurers, including Niva Bupa, Aditya Birla Health, and Star Health, experienced a collective premium growth of 25%. Niva Bupa led with a 30.6% increase in premiums, followed by Aditya Birla Health’s 54.6% rise, reflecting a strong demand for health coverage.
- Motor Insurance: Motor insurance also saw a spike as the sector adapts to an increasing preference for comprehensive insurance coverage. Companies such as ICICI Lombard and Reliance General reported notable premium gains of 7.5% and 3.1%, respectively.
- Agricultural Insurance: The Agriculture Insurance Company of India registered a remarkable 200.3% growth in premiums, driven by favorable policies and an increased uptake in rural insurance.
Performance by Company
- Private Insurers: Private sector insurers collectively grew by 23%, led by Bajaj Allianz (109.9%), ICICI Lombard (7.5%), and Cholamandalam MS (20%).
- Public Sector Insurers: Notably, National Insurance Co. saw a significant 156.7% growth in premiums, reflecting improvements in market reach and product offerings.
Industry Outlook
With a total gross direct premium of ₹30,378 crore in October 2024, the general insurance market continues to reflect India’s growing focus on financial security and risk management. The data indicates that, despite recent reporting format changes by IRDAI, the sector remains on a robust growth trajectory. The shift toward digital platforms and an expanding customer base point to a positive outlook for the Indian insurance market in the coming years.
Venkat