Indian general insurers log premium income of Rs 29,678.99 crore in April

The 32-member non-life insurance industry closed the first month of FY25 with a gross premium of Rs 29,678.99 crore and logged 15.86 per cent growth, said General Insurance Council of India.

According to the General Insurance Council, the non-life insurers earned a premium of Rs 29,678.99 crore last month, up from Rs 25,616.16 crore earned during the previous year's corresponding period.

Within the overall group, the four government-owned multi-line general insurers earned a premium of Rs 10,345.04 crore (April 2023 Rs 9,601.84 crore). The four companies account for 34.86 per cent market share.

On the other hand, the 21 private multi-line general insurers earned a premium of Rs 16,573.82 crore (Rs.13,745 crore) logging a growth of 20.58 per cent. The multi-line private insurers increased their market share to 55.84 per cent (53.66 per cent).

During the period under review, the five private standalone health insurers grew their premium by 26.80 per cent, earning a premium of Rs 2,642.96 crore (Rs 2,084.40 crore).

For the two specialised general insurers – Agriculture Insurance Company of India Ltd and ECGC Ltd – it was a mixed bag of performance.

While ECGC Ltd earned a premium of Rs 86.14 crore last month, the Agriculture Insurance Company's premium came down drastically by 73.32 per cent to Rs 31.03 crore.