Among the listed companies, ICICI Lombard was the only general insurer to show significant growth momentum, with gross premiums rising by 11.6%, surpassing the industry average of 6%. The company further solidified its standing in the market.
Conversely, Go Digit Insurance experienced a slight decrease of nearly 1% in premium collections, while New India Assurance showed largely stable year-on-year growth, suggesting a lackluster performance among some public sector insurers.
In the standalone health insurance sector, Niva Bupa Health Insurance showcased a solid 30% increase in premiums, aligning closely with the industry growth of 32%. Star Health and Allied Insurance reported a 19% rise, just below the sector average but still exhibiting double-digit growth.
Overall, the general insurance industry, which includes both general and standalone health insurers, grew by approximately 16% in May, with standalone health insurers reflecting stronger growth of about 27%, highlighting ongoing momentum in the health sector.
April breakdown
In April, the general insurance sector also achieved notable growth, with ICICI Lombard reporting a 23% year-on-year rise in premium collections, while sustaining strong growth compared to a higher base. The company gained 63 basis points in market share during the month.
New India Assurance recorded a 10% increase in premiums in April but experienced a market share decline of around 200 basis points year-on-year, indicating weaker comparative performance.
Go Digit General Insurance saw an 8% growth in premiums in April, significantly lower than the 40% increase observed in the same month last year, with its market share also decreasing by 22 basis points.
Star Health and Allied Insurance reported 23% growth in April, marginally ahead of its robust base; however, the gap compared to the industry average narrowed, indicating more synchronized sector-wide growth trends.
