September saw a 29% YoY increase in premiums for general insurance providers

 September saw a 29% YoY increase in premiums for general insurance providers

According to the most recent statistics made available by the General Insurance Council, non-life insurance company premiums increased by 29.06% in September 2023 as compared to the same time for the previous fiscal years, indicating a significant expansion in the general insurance industry.

The premium increased 14.86% to 143,800.26 crore for the first half of the year comparison to the first half of the previous calendar year, according to the statistics. The cost of insurance for the private sector increased significantly as well. Private sector insurance premiums for the month of September rose by 24.77% to $ 23,706.35 from $ 18,999.90 in September 2022.

Out of all the private insurance companies, National Insurance Co. Ltd. had a significant increase in its gross direct premium in September. In September, the company's premium reached 2,314.84 crore, up 120.91% year over year.

In the preceding month, Bajaj Allianz General Insurance Co Ltd's non-life insurance premiums climbed by 50.53% YoY to 1,827.97 crore. The non-life insurance premium for ICICI Lombard increased by 13.08% to $1,755.21 crore in September FY24 from $1,552.23 in the same month last year.

The general insurance premium for HDFC Ergo General Insurance Co Ltd increased by 7.75% to $1,831.92 crore.

In September, standalone health insurance increased by 22.92%.

Comparing the previous month to the same month a year earlier, standalone health insurance had a 22.9% rise, reaching $2,693.91 crore. In comparison to the same time a year before, it climbed by 25.24% to $14,607.09 crore in the first half of FY24.  In September of current year, Niva Bupa Health Insurance Company Limited's stand-alone health insurance premium grew by 36.71% YoY to 458.54 crore.

The amount that policyholders periodically pay to their insurer companies to maintain the status of a policy is known as an insurance premium. They have the option of paying the sum either monthly or yearly.