The general insurance industry in February registered 29.3% year-on-year (YoY) rise in standalone health premiums. ICICI Lombard's gross direct premium soared by 38.6% compared to the same period last year.
The April-February market share for ICICI Lombard has seen a rise of 35 basis points (bps) YoY.
Care Health's gross direct premium registered an uptick of 36.9% in February. The market share for the insurer during the April-February timeframe has climbed by 34 basis points.
Star Health, another key player in the industry, experienced 19.3% increase in gross direct premiums during February.
ICICI Lombard: Gross Direct Premium up 38.6%, April-February market share up 35 bps (YoY)
General Insurance February Data Industry: Standalone Heath Premium up 29.3% YoY pic.twitter.com/7p8k01zTbB— CNBC-TV18 (@CNBCTV18Live) March 11, 2024
The market share for Star Health during April to February has seen a positive movement, with an uptick of 19 basis points YoY.
The life insurance sector too saw a surge in performance during February.
The driving force behind the industry's overall growth was the performance of the Life Insurance Corporation (LIC), which marked its second consecutive strong month, displaying growth across key indicators.
LIC reported a 67% increase in February premiums, accompanied by a 28% rise in total annual premium equivalent (APE). The Q4FY24 total APE grew 32%, and the retail APE saw a 13% increase.
Among other top performers were Max Life Insurance and SBI Life Insurance.
Max Life Insurance reported a 51% increase in February premiums, with a 36% surge in total APE. For the entire Q4FY24, Max Life's APE grew by 44%, while the retail APE increased 34%.
SBI Life Insurance, on the other hand, recorded a 32% growth in February premiums, with a 36% rise in total APE. Q4FY24 saw a 30% increase in total APE, and the retail APE experienced 26% growth.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 11, 2024 5:50 PM IST
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