July general insurance data: New India premium up 24%, ICICI Lombard tops with 25% rise

India’s general and health insurance companies reported increases in premium collections for July, with several players recording double-digit month-on-month (MoM) and year-on-year (YoY) growth.New India Assurance recorded a 24% MoM increase in premiums. On a YoY basis, premiums rose 16%, while year-to-date (YTD) premiums also went up 16%.

ICICI Lombard registered a 25% MoM rise in premium collections during July.

Go Digit saw a 19% MoM and 27% YoY increase in premiums. Its YTD premium collections rose 12% YoY.
Niva Bupa recorded a 7% MoM and 10% YoY rise in July premiums. Its YTD growth stood at 11% YoY.

Star Health’s premiums rose 13% MoM and 3% YoY in July. Its YTD premium growth also stood at 3% YoY.

The latest monthly data shows a pickup in premium inflows across both public and private sector insurers.

In contrast to July’s improvement, ICICI Lombard had reported an 11% year-on-year drop in gross direct premium in June, along with an 8% sequential decline. Its premium growth for the April–June quarter stood at just 1%, well below the industry’s 9% growth.

New India Assurance, meanwhile, had posted an 11% year-on-year increase in June and a 13% rise over the previous month. Its first-quarter premium growth was 15%, outpacing the sector.