The general insurance premium advanced by 13 percent year-on-year in December, according to the provisional data released by the General Insurance Council. The premium is 16 percent up in FY23, the data said. Standalone health insurance companies in the month of December have grown their premium by 23 percent on a year-on-year basis, and 26 percent up to December on a year-on-year basis.
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However, the month was not good for listed general insurance companies.
For ICICI Lombard, the premium has just grown by about 9 percent on a year-on-year basis. However, the premium is still up 21 percent on a year-on-year basis because of the past good performance.
For New India Assurance, the falling streak continues. This time also in the month of December the premium is down by about 2 percent on a year-on-year basis. So far up to the month of December, the premium has just grown by about 22 percent on a year-on-year basis.
For Start Health Insurance, the management told CNBC-TV18 that the company is shifting towards retail health insurance products and that shift is restricting the company's growth. In December, the premium was just up about 16 percent on a year-on-year basis. The premium for Star health has grown by about 16 percent.