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General insurance companies continued their positive performance in November and posted 29% growth (year-on- year) in gross direct premium. Private-sector insurers registered higher growth compared with public-sector insurers, largely due to strong growth in the crop insurance segment.
According to senior officials, the general insurance sector has already received Rs. 12,000 crore from crop insurance and premiums are likely to touch Rs. 16,000-18,000 crore by the end of the current financial year. Data from the General Insurance Council shows that specialised players like ECGC and AIC saw their growth slowing in November. In November, the general insurance industry saw gross premium income at Rs. 9,146.96 crore against Rs. 7,104.10 crore in November last year. While private insurers registered gross premium income at Rs. 4,277.24 crore, up 44.7% compared with last year, public-sector insurance companies saw a growth of 18.9% at Rs. 4,192.29 crore in November, 2016.
The General insurance sector in the last few months has seen sustained growth and higher participation from private players as against public-sector insurers. “In the last few months, private players had seen higher growth compared to public sector insurers. Growth has been be very positive from marine, motor and fire insurance as well in the last few months,” said a top insurance player.
The data from the General Insurance Council also shows that up to November, gross direct premium underwritten by the industry was Rs. 81,772.88 crore compared with Rs. 62,097.91 crore last November, a growth of 31.7%.
Apart from general insurance, standalone health insurance companies also saw a surge in their premium income by 39.9% in the month of November. Two specialised players like ECGC and AIC saw combined growth of -12.7% in November.
“In the months to come, public-sector insurers are likely to post better growth after the government announced 10% discount on premiums paid online by customers. This year, we might end up touching more than Rs. 1.2 lakh crore in new business premiums,” said a senior official from a leading public sector insurance company.
