Standalone health insurers have increased their market share in the two months of the ongoing fiscal to 9.55 per cent from 8.88 per cent a year ago.

General insurance companies other than standalone and specialised insurance companies have seen a marginal drop in market share to 89.66 per cent from 90.57 per cent, according to data from the General Insurance Council.

All five standalone health insurers — Niva Bupa Health Insurance, Aditya Birla Health Insurance, Care Health Insurance, Manipal Cigna Health Insurance and Star Health & Allied Insurance — together posted a gross written premium of Rs 2,098.19 crore in May, up 22.94 per cent.

For the first two months, the cumulative gross written premium for the standalone health insurers was Rs 4,182.38 crore, up 28.36 per cent from the corresponding period of the previous year.

The general insurance industry as a whole including general insurance companies, standalone health insurance companies and specialised insurance companies have put together a strong show in May, growing 18.14 per cent in gross written premium to Rs 18,196 crore. For the first two months, the gross written premium for the industry was Rs 43,812 crore, up 19.44 per cent over the previous year.

The top two general insurance companies — New India Assurance and ICICI Lombard General Insurance — both have seen a dip in market share. New India’s market share was 17.07 per cent against 18.51 per cent the previous year while that of ICICI Lombard was 10.21 per cent against 10.31 per cent the previous year.

“The Indian non-life insurance market would grow approximately 13-15 per cent over the medium term. The health insurance segment is on track to breach the Rs 1 lakh crore mark, while motor insurance premiums are expected to cross Rs 85,000 crore mark in FY24,” Care Edge has said in its outlook on the sector.