The non-life insurance industry grew at a healthy pace in the month of September. September premium growth for the non-life industry grew by 28.3 percent which compares to an average of 17.2 percent in the first half of FY20. The non-life industry consists of 25 general insurance, 7 specialised health insurance companies.

September business data spells a negative note for ICICI Lombard which has become the sole general insurance company to lose premium in the month of September. The total premium collection for ICICI Lombard in September has fallen by 23 percent which compares to an average fall of 11.8 percent in the first half of FY20. The fall in the premium collection is to be attributed to almost zero contribution coming from the crop insurance segment. Market share for ICICI Lombard has also fallen by 224 basis points in the period between January to September 2019.

As far as other general insurance companies are concerned, the September premium collection for Reliance General grew by 22.5 percent which compares to an average of 24.5 percent in the first half of FY20. September premium for SBI General Insurance also grew by 88 percent which compares to average growth of 50.8 percent in the first half of FY20.

PSU general insurance companies witnessed a strong comeback in the month of September. Premium collection for New India Assurance grew by 15.5 percent on a year on year basis. Market share for the company also saw a jump of 177 basis points in the period between January to September 2019.

September premium collection for National Insurance grew by 181 percent, for United India it grew by 45 percent and for Oriental Insurance it’s grown by 5.5 percent on a year on year basis.

First Published:Oct 15, 2019 9:18 PM IST