PSU Insurers Lead Decline in Non-Life Premiums for September

PSU Insurers Lead Decline in Non-Life Premiums for September

The non-life insurance industry saw a 7% year-on-year decline in gross direct premium underwritten, totaling ₹27,550.93 crore in September. This drop was mainly attributed to a reduction in premium collections by large public sector insurers. The non-life sector comprises public and private general insurers, standalone health insurers, and specialized public sector insurers.

Public sector general insurers collectively reported a 9% YoY decline, with premiums amounting to ₹8,125.67 crore. Among them, National Insurance Company saw the steepest drop, with premium collections plummeting by 32% to ₹1,576.72 crore. United India Insurance also recorded a significant 18% decline, with collections amounting to ₹1,318.8 crore. Conversely, New India Assurance, the largest general insurer in the country, reported a 9% increase in premiums, reaching ₹3,141.34 crore, while Oriental Insurance’s premium growth remained flat at ₹2,088.78 crore.

Private general insurers, on the other hand, maintained a stable combined gross direct premium, totaling ₹14,859.73 crore. However, several major private insurers reported negative growth, with Bajaj Allianz experiencing an 8% decline in premiums, down to ₹1,689.17 crore, and HDFC Ergo witnessing a 5.41% drop to ₹1,732.75 crore. In contrast, Tata AIG posted a remarkable 33% growth in premiums, collecting ₹1,755.33 crore.

The standalone health insurance sector was a bright spot, showing a 26% increase in premium collections, totaling ₹3,388.07 crore. Star Health, the largest standalone health insurer, saw an 18% rise in premiums, collecting ₹1,469 crore. Care Health and Niva Bupa Health Insurance also posted strong growth, with premium collections reaching ₹710.46 crore and ₹601.5 crore, respectively.