Standalone health insurance companies in India saw a 34.3% year-on-year (YoY) growth in premium collection to INR71.9bn ($1bn) for the April to October period, the highest growth rate in the non-life segment.
The other general insurers (except specialist insurers) saw a 15.3% YoY growth to INR971bn, according to a report by Moneycontrol. Among these other general insurers, public sector insurers held a 38.2% market share while the rest was held by private insurers.
New India Assurance continued to the largest general insurer in the country collecting gross written premiums of INR160.5bn for the April to October period and showing a 14.5% YoY growth.
Among the private sector players, ICICI Lombard General Insurance was the largest player with INR78bn in gross written premiums, reflecting a decline of 8.8%. Among standalone health insurers, Star Health Insurance was the largest player with gross premium of INR32.9bn, with a YoY growth of 33.9%.