India’s general insurance sector experienced a muted premium growth of 2.8% in July, with the total gross written premium reaching ₹29,729 crore, up from ₹28,929 crore in the same month of the previous year. This slow growth was primarily due to sluggish motor insurance sales and a change in the industry’s reporting format.
Several major insurers, including Bajaj Allianz, HDFC Ergo, and ICICI Lombard, reported significant premium contractions, with declines ranging between 10% and 25%. However, New India Assurance defied this trend by recording a substantial 16% growth in its premiums. The standalone health insurance segment also demonstrated a stronger performance, achieving a year-on-year increase of more than 10% in premium collections.