August premium growth: Bajaj Allianz, Tata AIG corner top two ranks

MUMBAI: Bajaj Allianz General and Tata AIG General have stolen the march over rivals – both stateand private-owned in premium growth last month.

The industry saw premiums amounting to Rs 19,291 crore, marking a 12.80% increase compared with the same month last year. Bajaj Allianz General Insurance saw 64% growth while Tata AIG General Insurance saw a 26% jump in the gross written premium, when the listed state-run insurer New India Assurance grew 2.63%.

However, the growth in general insurance premiums slowed down in August compared with July. Private players experienced a slowdown from 26% to 16% yo-y, while state-run insurers saw a 5% growth.

Standout performers among unlisted general insurers were Bajaj with a 64% year-on-year growth and Tata with a 26% growth rate, said Jefferies in a report.
At the same time, SBI General reported a 17% decline. Among mid-sized insurers, Chola witnessed a 37% year-on-year growth, while standalone health insurers grew by 26%, with Star Health growing by 19%.ICICI General Insurance’s premium growth also slowed slightly in August, registering a 16% yearon-year increase compared to 22% in July. However, it continues to outpace the industry in terms of growth.The growth in general insurance premiums has come due to increased sales of motor policies with the booming automobile sector.