The general insurance industry premium grew at a healthy pace of 16 percent in FY23. The total premium for the general insurance industry in the financial year stood at Rs 2,56,920 crore which compares to Rs 2,20,800 crore a year ago.
The standalone health insurance sector grew its premium by 26 percent to Rs 26,242 crore in FY23. For the month of March, the general insurance industry and standalone health insurance industry grew their premium by 11 percent and 21 percent respectively.
For ICICI Lombard General Insurance, premiums in FY23 grew by 17 percent but for the month of March, the growth for the insurer stood at 7 percent. New India Assurance saw some pickup in the month of March where the premium growth for the insurer stood at 11 percent but because of sluggish performance in the first half of the financial year, premium growth for New India Assurance for FY23 could only grow by 6 percent.
For Star Health Insurance, the March premium grew by 11 percent, and stood at Rs 1,819 crore and for the year the premium for the health insurer grew by 13 percent coming in at Rs 12,951 crore.
