BUSINESS

In April, premium income for Indian general insurers was recorded at Rs 29,678.99 crore

Chennai, 14 May According to the General Insurance Council of India, the 32-member non-life insurance sector ended the first month of FY25 with a gross premium of Rs 29,678.99 crore, recording growth of 15.86 percent.

The General Insurance Council reports that non-life insurers received premium income of Rs 29,678.99 crore last month, an increase above the Rs 25,616.16 crore received at the same time last year.

The four government-owned multi-line general insurers made a total of Rs 10,345.04 crore (or Rs 9,601.84 crore) in premiums within the group.

The combined market share of the four businesses is 34.86 percent.

The 21 private multi-line general insurers, on the other hand, had an increase of 20.58 percent with premium income of Rs 16,573.82 crore (Rs 13,745 crore).

The market share of multi-line private insurers rose to 55.64% (previously 53.66%).

The five private independent health insurers had a 26.80% increase in premium growth during the study period, totaling Rs 2,642.96 crore (Rs 2,084.40 crore).

It was a mixed bag of results for the two specialized general insurers, Agriculture Insurance Company of India Ltd. and ECGC Ltd.

The Agriculture Insurance Company’s premium dropped sharply by 73.32 percent to Rs 31.03 crore last month, while ECGC Ltd collected a premium of Rs 86.14 crore.

 

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