General Insurance Industry Premium Grows Strongly in FY23 Across Health and Motor Segments

General Insurance Sector Registers 16% Growth in Premium Collections During FY23

The Indian general insurance market witnessed steady expansion during the financial year 2022-23, with overall premium collections increasing by 16% compared to the previous year. The industry's total premium income reached approximately ₹2,56,920 crore, up from ₹2,20,800 crore recorded in FY22. The growth reflects increasing awareness of insurance products, rising demand for financial protection, and stronger adoption of insurance coverage across various segments.

Health Insurance Leads Industry Growth

Among all segments, standalone health insurers delivered one of the strongest performances during FY23. The sector reported premium collections of around ₹26,242 crore, representing a 26% increase over the previous financial year. The growing focus on healthcare security, rising medical expenses, and increased awareness about health coverage have continued to support the sector's expansion.

Industry Performance in March 2023

The positive momentum continued during March 2023, with the general insurance industry reporting 11% growth in premium collections compared to the same month in the previous year. Standalone health insurance companies outperformed the broader market, recording a notable 21% increase in premiums during the month, highlighting continued consumer demand for health-related protection plans.

Company-Wise Highlights

• ICICI Lombard General Insurance: ICICI Lombard delivered a strong annual performance, registering 17% growth in premiums during FY23. However, premium growth during March 2023 was comparatively lower at 7%, indicating a more moderate pace of expansion in the final month of the financial year.


• New India Assurance: New India Assurance experienced improved business growth during March, achieving 11% premium growth for the month. Despite this improvement, slower growth during the first half of the financial year impacted overall results, resulting in annual premium growth of 6% for FY23.


• Star Health Insurance: Star Health Insurance continued to maintain its presence in the health insurance segment with steady premium growth. The company collected approximately ₹1,819 crore in premiums during March 2023, reflecting an 11% increase compared to the previous year. For the full financial year, Star Health reported premium collections of around ₹12,951 crore, representing annual growth of 13%.

Market Outlook

The latest premium figures demonstrate the resilience and continued development of India's insurance sector. Rising consumer awareness, greater emphasis on financial preparedness, and increasing demand for health and general insurance products are expected to support future growth. As insurers continue to introduce digital services, innovative products, and customer-focused solutions, the industry is likely to witness further expansion in the years ahead.

Conclusion

FY23 was a positive year for India's general insurance industry, with premium collections growing by 16% overall. Strong contributions from the health insurance segment and consistent performance from leading insurers highlight the sector's growing role in providing financial protection and risk management solutions for individuals and businesses across the country.

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Source: cnbctv18.com

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