The general insurance industry has recorded a 16.22 per cent growth in premium in 2023-24, according to data from the General Insurance Council.

Gross direct premium underwritten during the year was Rs 2,68,705.05 crore as of March 31 compared with Rs 2,31,205.95 crore in 2023, excluding specialised insurers such as Agriculture Insurance Company of India and ECGC.

Standalone health insurers such as Niva Bupa, Aditya Birla, Care, Manipal Cigna and Star Health recorded an aggregate growth of 26.19 per cent in gross direct premium, expanding their market share to 11.43 per cent from 10.22 per cent in the previous fiscal.

General insurers with a smaller base recorded a faster growth. Zuno, formerly known as Edelweiss General Insurance, recorded a premium growth of 56.29 per cent on a smaller base, while Shriram, Go Digit, Kotak Mahindra recorded growth rates of 34 per cent, 28.91 per cent and 39.95 per cent, respectively.

The largest general insurer — New India Assurance — with a premium growth of 7.40 per cent, saw its market share fall from 13.42 per cent to 12.78 per cent in FY24.

Bigger private sector players like Bajaj Allianz, ICICI Lombard General Insurance, SBI General Insurance saw growth in both premium and market share during the year.

New entrant Kshema General Insurance recorded a gross premium of Rs 568.5 crore during FY24. The list of general insurance companies is also expanding with IRDAI granting registration to two specialised health insurers in 2024 — Narayana and Galaxy Health and Allied Insurance.

“The regulator has been proactive in ensuring the right growth trajectory for the industry while being very customer-focused,” said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.

Partnership

ICICI Lombard and Policybazaar have entered into a strategic partnership.

“The collaboration encompasses access to nearly 10 million customers with a wide range of insurance products,” Policybazaar said.