General insurance growth slows in November

The general insurance industry witnessed a modest 4% year-on-year (YoY) increase in premiums in November. This marks a slowdown compared to earlier months.

Cumulatively, the sector recorded a 9% rise in premiums for the April-November period of FY25.

Standalone health insurers performed better, with a 10% increase in November premiums. Their premiums for the eight months ending November 2024 rose by 21%.

ICICI Lombard’s premiums fell by 3% in November but rose by 12% over the April-November period. Its market share increased by 22 basis points this financial year.
New India Assurance recorded a 6% growth in November premiums and a 3% increase for the eight-month period. Its market share dropped by 71 basis points.

Go Digit’s November premiums declined by 4%. For the eight months ending November 2024, its premiums rose by 9%, with a slight market share gain of 1 basis point.

Star Health reported an 8% increase in November premiums and a 14% rise over the eight-month period. It gained 23 basis points in market share among general insurers but lost 247 basis points among standalone health insurers.

Niva Bupa grew its premiums by 15% in November and 26% during the April-November period. It gained 28 basis points in market share among general insurers and 79 basis points among standalone health insurers.

Meanwhile, the life insurance sector faced a 4.5% decline in premiums for November compared to last year. However, private life insurers showed strong performance, with a 31% growth in premiums.

The total APE (Annual Premium Equivalent) growth for private players stood at 44%.