MUMBAI: The general insurance industry registered a solid growth of 16 per cent in the recently concluded the financial year 2022-23 (FY23), driven by strong premium growth in health insurance. The total premium of general insurers reached Rs 2.57 lakh crore at March-end from Rs 2.21 lakh crore, according to the latest figures released by the General Council of India.
The general insurers also recorded double-digit growth in premium income in March as the total premium rose 11.5 per cent last month. The total premium grew to Rs 24,271 crore in March this year compared to Rs 21,767 in the same month last year.
The health insurance sector played a crucial role in boosting the growth of insurers. The total premium of health insurance providers surged by 26 per cent to reach Rs 26,242 crore at the end of March this year from Rs 20,867 crore at the end of March 2022. In the month of March, the premium of health insurers rose 21 per cent to Rs 3428 crore compared to Rs 2,829 crore in the same month last year.
“There is increased demand for health insurance products after COVID-19. The pandemic has created awareness among people about the importance of health insurance, which is boosting the growth of the health insurance sector,” a senior official of health insurer told this newspaper.
The premium of ICICI Lombard General Insurance, the largest private player in terms of market share, grew 17 per cent in FY23 but for the month of March, the growth for the insurer stood at 7 per cent. The market share of ICICI Lombard General Insurance stood at 8.18 per cent at the end of March. It was not a good year for New India Assurance, the largest player in general insurance, as its premium grew by just 6 per cent in the last financial year.
Star Health Insurance, the largest player in health insurance in terms of market share, registered a 13 per cent growth in its premium income at Rs 12,951 crore at the end of March this year which stood at Rs11,463 at the end of March last year. In the month of March, its premium grew 11 per cent to Rs 1,819 crore.
Solid growth in premium income
Rs 2.57 lakh cr: Total premium of general insurers by March 2023-end
Rs 2.21 lakh cr: Total premium of general insurers by March 2022-end
26 per cent Growth in premium of health insurers in FY 2023
Rs 26,242 cr: Total premium of health insurers at March 2023 end
Rs 20,867 cr: Total premium of health insurers at March 2022-end