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Non-Life Insurance Premium Growth Slows Sharply in July
10 Aug
Summary
- Gross direct premium for non-life insurers totalled ₹31,397.6 crore in July.
- Health insurers saw robust 28.8% YoY growth, while PSU insurers declined over 75%.
- Overall industry growth slowed to 5.7% YoY in July from 15.9% in June.
In July, the non-life insurance industry saw its gross direct premium underwritten reach ₹31,397.6 crore. This represents a year-on-year growth rate of 5.7%, a notable deceleration from the nearly 16% growth recorded in June. The slowdown was primarily driven by moderating premium growth among multi-line general insurers.
Standalone health insurers demonstrated robust performance, with premiums growing by a healthy 28.8% year-on-year to ₹4,666 crore. In stark contrast, specialized PSU insurers experienced a significant contraction, with premiums declining by over 75% year-on-year to ₹396 crore.
During the April-July period of FY27, the overall non-life insurance industry's premium grew by 9.5% year-on-year, amounting to ₹1.19 trillion. Within this timeframe, general insurers' premiums rose 8.1% year-on-year to ₹1.02 trillion, while standalone health insurers saw a substantial 31.7% year-on-year growth in premiums.
