Non-life insurance companies' premiums decline 6.5% in September

Non-life insurance companies in India reported a 6.5% year-on-year decline in premiums for September 2024, primarily due to underperformance by state-owned insurers and a slowdown in auto sales affecting motor insurance. The General Insurance Council’s data showed that premiums collected by non-life insurers totaled INR 27,551 crore, with state-owned insurers experiencing significant drops. In contrast, standalone health insurers saw a 26% growth in premiums. The overall decline is attributed to weak performance in the crop insurance segment and competitive pressures. Despite this, the sector showed a 7% growth in premiums for the first half of FY25, driven by health insurance.