General insurers see steady premium growth in May; ICICI Lombard leads listed pack

General insurance companies reported steady premium growth in May, with the sector continuing to expand at a moderate pace, according to the latest data.

Among listed players, ICICI Lombard was the only general insurer to deliver notable growth momentum, with gross premium rising 11.6%, outperforming the industry average of 6%. The company continued to strengthen its position in the segment.

In contrast, Go Digit Insurance reported a marginal decline of nearly 1% in premium collections, while New India Assurance posted largely flat year-on-year growth, indicating subdued performance among some public sector insurers.

In the standalone health insurance space, Niva Bupa Health Insurance reported a strong 30% rise in premiums, broadly in line with the industry growth of 32%. Star Health and Allied Insurance

saw a 19% increase, slightly below the sector average but still maintaining double-digit growth.

Overall, the general insurance industry, including both general and standalone health insurers, grew around 16% in May, while standalone health insurers posted stronger growth of about 27%, underscoring continued momentum in the health segment.

April breakdown

In April, the general insurance industry also recorded robust growth, with ICICI Lombard reporting a 23% year-on-year increase in premium collection, while maintaining strong growth despite a higher base. The company also gained 63 basis points in market share during the month.

New India Assurance posted a 10% rise in premiums in April but saw its market share decline by around 200 basis points year-on-year, reflecting weaker relative performance.

Go Digit General Insurance recorded an 8% growth in premiums in April, sharply lower than the 40% expansion seen in the same month last year, with its market share also slipping by 22 basis points.

Star Health and Allied Insurance reported 23% growth in April, slightly ahead of its strong base, though the gap versus the industry average narrowed compared to earlier months, indicating more aligned sector-wide growth trends.