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August general insurance data: Premium grows by 24% YoY basis

personal finance | Sept 8, 2021 2:17 PM IST

August general insurance data: Premium grows by 24% YoY basis

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The premium in the general insurance industry, including standalone health insurance as well as standard insurance companies, grew by 24 percent on a year-on-year basis in August. This is down 35 percent when compared to an average of the first four months of FY22.

The industry numbers for the general insurance sector saw strong growth in August, however, the same doesn’t hold true for two listed companies— ICICI Lombard and New India Assurance.

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The premium in the general insurance industry, including standalone health insurance as well as standard insurance companies, grew by 24 percent on a year-on-year basis in August. This is down 35 percent when compared to an average of the first four months of FY22. The premium, excluding standalone health insurance premium, is up about 18 percent on a year-on-year basis, and 11 percent when compared to the first four months of FY22.
Meanwhile, the standalone health insurance sector premium went up 26 percent in August on a year-on-year basis, but it is down about 8 percent when compared to the first four months of FY22.
Now, about the two individual companies ICICI Lombard and New India Assurance—the numbers have been bad from top to bottom. For ICICI Lombard, the August premium was up just about a percent and a half on a year-on-year basis, and it is down 3 percent when compared to the average of the first four months of FY22. There is a also market share loss of about 44 basis points in terms of year to month FY22.
The numbers for New India Assurance, however, have been slightly better. The premium went up 30 percent in August on a year-on-year basis but is down 21 percent when compared to the average of the first four months of FY22. But on the positive side, there has been a market share gain of about 1.7 percent year to month in FY22.
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