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personal finance | IST

July premium for general insurance industry up 17.5% year on year

Mini

In the month of July, the premium is up 17.5 percent on a year-on-year basis in the general insurance industry but when compared to the first quarter of FY22, it is down 17.5 percent.

All general insurance companies have seen a recovery in the month of July on a year-on-year basis. But if the recovery is to be mapped comparing to the average of the first quarter of FY22, then there is a significant amount of drop as far as the premium collection is concerned.
In the month of July, the premium is up 17.5 percent on a year-on-year basis in the general insurance industry but when compared to the first quarter of FY22, it is down 17.5 percent.
Premium collection for general insurance companies in July has risen compared to the same month last year. However, compared to the average monthly collection for the quarter gone by, the number is sharply lower.
For standalone health insurance companies, the July premium is up 2.5 percent, but compared to the first quarter of FY22, It is down 17 percent.
For ICICI Lombard, the premium in the month of July is up 8.5 percent on a year-on-year basis but when compared to the average of the first quarter of FY22, the premium is down 5 percent. The market share for ICICI Lombard is up 50 basis points in the current financial year.
In the case of New India Assurance, the premium has seen strong growth of about 37 percent on a year-on-year basis in the month of July and when compared to the first quarter of FY22 it's down 7 percent. However, strong gains for the market share is concerned. It is sitting with a gain of about 3.5 percent in FY22 itself.