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Business Standard
07-07-2025
- Business
- Business Standard
Non-life insurers' premiums rise 9% to ₹79,306 crore in Q1 FY26
General and standalone health insurers drive 8.85 per cent YoY premium growth in Q1FY26, but IRDAI's revised norms impact comparability with last year's figures Mumbai Listen to This Article Non-life insurance companies reported an 8.85 per cent year-on-year (YoY) increase in premiums to Rs 79,306 crore in the April–June period of FY26 (Q1FY26), aided by solid growth in premiums collected by multi-line general insurers and standalone health insurers, data released by the General Insurance Council showed. Multi-line general insurance companies reported an 8.9 per cent YoY growth in premiums to Rs 69,756.8 crore during the period, while standalone health insurance companies posted a 10 per cent YoY increase in premiums to Rs 9,151 crore. In June alone, the non-life insurance industry's overall premium grew 5.16 per cent YoY to
Time of India
10-06-2025
- Business
- Time of India
Non-life insurance industry register 6.5% y-o-y rise in gross direct premiums
The non-life insurance industry reported a 6.5% year-on-year increase in gross direct premiums to Rs22,257 crore in May with growth in standalone health insurers (SAHI) beating that of general insurers, data from the General Insurance Council showed. The growth in May slowed compared to 14.9% YoY reported in the same month last year. The slowdown in premium growth is largely attributed to the 1/n rule, which kicked in October, experts said. Under the 1/n rule, IRDAI has mandated non-life insurers to report premiums annually even if the policy term is longer than one year. Accordingly, the reported premium is calculated by dividing 1 by the number of days the policy is in effect. 'The flash numbers for May reported a modest growth indicating that the industry is still adjusting with the 1/n rule on premium reporting. Despite the impact, the growth seems to be supported by renewal of commercial lines like fire insurance, and growth in SAHI players indicative of steady demand in health insurance,' said Saurabh Bhalerao, Associate Director, CareEdge Ratings. Barring SAHIs, overall premiums collected by general insurers grew 5.7% YoY to 19,210 crore in May. Eight out of the 25 general insurers reported year-on-year fall in premium collections in the reporting month. Among the listed general insurers, New India Assurance led gains among major players in May. The state-run insurer reported a 22.47% jump in gross premiums to Rs 2,944 crore, helping its market share edge up to 16.06% from 15.15% in May 2024. Private sector major ICICI Lombard General Insurance saw premiums rise 2.41% year-on-year, while Go Digit General Insurance saw a 2.19% drop in premiums. Newly listed Niva Bupa Health Insurance registered a 9.69% increase in premiums to Rs 554 crore. Total premiums by standalone health insurers grew 10% YoY to Rs2,917 crore in May. Among the seven SAHI players, ManipalCigna Health Insurance topped the chart with nearly 43% growth in premium collections, followed by 36% growth reported by Aditya Birla Health Insurance.
Time of India
29-05-2025
- Business
- Time of India
Irdai seeks wider insurance coverage to prevent distress
Photo/Agencies Mumbai: The Insurance Regulatory and Development Authority of India (Irdai) urged insurance companies to prioritise expanding the number of people covered under insurance, not just improving insurance penetration metrics. The regulator's call came at a time when the non-life insurance industry committed over Rs 300 crore over three years to an awareness campaign with the tagline 'Achha kiya insurance liya' (Did well by buying insurance). Irdai member Deepak Sood told industry leaders that companies should address new risks. "The face of risk is changing every day," said Sood, citing a shift from traditional physical and business risks to emerging threats such as cyber risks that now "sit in our pocket, in our mobile phones." "Premium could be anything," Sood said. "If we can keep those premiums low, make it affordable for our people, it doesn't matter what penetration percentage is, as long as we can reach out." Tapan Singhel, chairman of General Insurance Council, warned that India's low insurance penetration was heightening its economic fragility. "Every time a catastrophe hits, millions remain unprotected," he said. Singhel cited data to show that general insurance has a lower grievance ratio - 0.35 complaints per 10,000 policies - compared to 0.7 for banking and 4 for e-commerce. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
United News of India
28-05-2025
- Business
- United News of India
GIC launches ‘Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Business Economy Mumbai, May 28 (UNI) The General Insurance Council (GIC) of India, the apex industry body representing all non-life insurers in India, on Wednesday launched a nationwide awareness campaign titled 'Achha Kiya Insurance Liya'. Aligned with the ambitious goal of 'Insurance for All by 2047', the initiative aims to normalise insurance as an everyday financial safeguard and focuses on bridging the significant perception and trust gap in uptake of general insurance. Speaking on the occasion, Dr Tapan Singhel, chairman, GI Council and MD & CEO, Bajaj Allianz General Insurance Co Ltd, said that insurance is still viewed more as a reluctant expense than a financial shield, the mindset shift is waiting to happen, and it begins with trust and relatability. "'Achha Kiya Insurance Liya' is our collective attempt to bring insurance closer to the lives and language of ordinary Indians. This is about demystifying insurance, making it relevant and rewarding, not intimidating," he added. UNI AAA SS Tags: #GIC launches 'Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Time of India
28-05-2025
- Business
- Time of India
General insurance industry to invest Rs 100 cr annually for next 3-5 yrs in nationwide awareness campaign
The general insurance industry has committed to investing Rs 100 crore each year for the next 3–5 years in a awareness campaign to improve insurance adoption. Backed by the General Insurance Council and regulatory support, the campaign is looking to bridge the gap between insurance availability and its penetration across vast population and diverse geographies. The industry leaders today came together to discuss the need for the campaign- Achha Kiya Insurance Liya- with a vision to increase the insurance penetration which at 1% of the GDP against the global average of 3.3%. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance , said the industry quietly pays claims when it matters the most, that is at the time of need. 'Last year alone, 2.69 crore families benefited from health claims worth ₹83,000 crore. During COVID-19, the industry paid five times its annual profit in claims, without a single bailout request from the government. Insurance silently cushions people in their most vulnerable moments,' he said. Live Events Drawing a sharp comparison between developed and developing economies and how the two gets affected post a catastrophe, he said, in Florida, when a hurricane hits, the state's GDP goes up, thanks to insurance payouts fueling recovery. 'In India, GDP dips because of underinsurance. This campaign is about changing that reality,' he said. He said that ninsured MSMEs take the biggest hit during catastrophes, dragging GDP down by 1.82%. 'If we plug this leaking bucket, India's 6–7% GDP growth can climb to 10–11%. That's the power of insurance,' he said. Anuj Tyagi, Joint MD, HDFC ERGO General Insurance , stressed the role of digital infrastructure in expanding reach saying that with data from IIB, we can now pinpoint uninsured vehicles on Indian roads. 'This opens the door to precise, data-driven enforcement and outreach,' he said. 'Insurance is the only product needed from birth to death,' said Mayank Bhatwal, CEO of Aditya Birla Health Insurance. 'Whether rich or poor, people don't want to compromise on quality healthcare, and only insurance can make that quality accessible.'
