India's general insurance sector reports muted growth in July

ET BureauLast Updated: Aug 08, 2025, 05:58:00 AM IST

Synopsis

India's general insurance sector experienced slow growth in July. Premium growth was only 2.8 percent. Motor insurance sales were weak. Big companies like Bajaj Allianz and ICICI Lombard saw declines. New India Assurance, however, grew by 16 percent. Health insurers performed better, growing over 10 percent. The industry's total premium was ₹29,729 crore.

Mumbai: The general insurance industry reported a muted 2.8% premium growth in July, weighed down by sluggish motor insurance sales and declines at large players such as the Bajaj Allianz, HDFC Ergo and ICICI Lombard.

A majority of these insurers saw premium contractions between 10% and 25%. But New India Assurance bucked the trend, posting 16% growth. By contrast, standalone health insurers delivered a stronger performance, recording an increase of more than 10% year-on-year in premium collections.

Gross written premium of the industry rose to ₹29,729 crore against ₹28,929 crore in the same month a year ago. The slowdown is due to change in reporting format.

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