HomeBusiness NewsCompanies NewsGrowth decreases for basic insurance providers in August, ICICI Lombard continues to exceed market
ICICI Lombard’s market share likewise broadened by almost 60 basis points throughout this duration on a year-on-year basis.
By Yash Jain September 9, 2024, 10:11:29 PM IST (Published)
Premium development for the basic insurance coverage sector slowed to low single digits in August, with the market gathering 24,554 crore– a 4% boost compared to the very same month in 2015. Standalone health insurance coverage business preserved strong development, publishing a 25% boost in August.
ICICI Lombard General Insurance
While the basic insurance coverage market saw simply 4% development in August, ICICI Lombard surpassed with a 10% boost in premium collection. Over the very first 5 months of FY25, the business reported a premium development of 17%, compared to the market’s 11% development. ICICI Lombard’s market share likewise broadened by almost 60 basis points throughout this duration on a year-on-year basis.
New India Assurance
After revealing indications of healing in July 2024, New India Assurance damaged once again in August, with its premium collection contracting by 13%. For FY25 up until now, the business has actually taped simply 2% development in premium collections, with its market share falling by 108 basis points.
Go Digit General Insurance
Go Digit General Insurance published weak development in August, with its premium collection increasing by just 3%. Over the very first 5 months of FY25, the business saw a premium development of 13%.
Star Health Insurance
Star Health Insurance, the biggest standalone health insurance provider, continued its strong efficiency with a 15% development in premium collection in August and a 17% boost over the very first 5 months of FY25. Star Health’s market share amongst basic insurance provider providing standalone medical insurance grew by 27 basis indicate 5.02%. Its market share within the standalone health insurance coverage sector dropped by 287 basis points to 42.78%.
(Edited by: Ajay Vaishnav)