General insurers clock 10.5% premium growth in October
General insurance companies in India saw a 10.5% increase in gross direct premium income in October. Standalone health insurers also reported significant growth, outperforming general insurers in several areas. HDFC ERGO and SBI General led the performance among private insurers with impressive increases in premium income. Public sector insurers like National Insurance also experienced growth,…
Mumbai: General insurance firms witnessed a 10.5% surge in gross direct premium income to ₹32,761 crore in October, propelled by robust growth from standalone health insurers and private general insurers, as per provisional data released by the General Insurance Council. Premium income for general insurers rose by 10.15% to ₹28,062 crore, while standalone health insurers (SAHIs) saw a notable 21.29% increase to ₹4,549 crore.
Among the general insurers, HDFC ERGO exhibited a 34.87% surge in premium income to ₹1,662 crore in October, followed by SBI General's 31.98% growth to ₹1,550 crore, and Bajaj General Insurance's 12.14% rise to ₹2,142 crore. ICICI Lombard's premium income expanded by 9.69% to ₹2,826 crore, while Tata AIG and IFFCO-Tokio experienced 15% and 18% growth respectively, reaching ₹2,265 crore and ₹974 crore.
However, Go Digit General Insurance reported a 3.23% decline in premium income to ₹967 crore. Public sector insurers also contributed to the growth, with National Insurance recording a 16.11% increase to ₹3,287 crore and New India Assurance reporting a 2.94% rise to ₹3,880 crore. United India Insurance expanded by 11.55% to ₹1,775 crore, while Oriental Insurance declined by 2.64% to ₹1,479 crore.
The standalone health insurance sector continued to outpace the overall industry, with Care Health Insurance growing by 34.56% to ₹1,129 crore and Niva Bupa rising by 20.05% to ₹826 crore, and Star Health's premium income increasing by 17.65% to ₹1,721 crore. Over the April-October period of FY27, the general insurance industry recorded a 9.13% increase in premium income to ₹2.12 lakh crore, with general insurers growing by 9.23% to ₹1.79 lakh crore, and standalone health insurers posting a 29.18% increase to ₹30,135 crore.
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