India’s general insurance sector experienced a muted growth of just 2.8 percent in July, according to a report from The Economic Times. The industry’s total gross written premium for the month reached ₹29,729 crore, a slight increase from ₹28,929 crore recorded in the same period last year.
This slowdown was primarily driven by weak sales in the motor insurance segment and significant premium contractions experienced by several major players. Companies like Bajaj Allianz, HDFC Ergo, and ICICI Lombard reported declines in their premium collections, with many seeing drops ranging between 10 percent and 25 percent.
However, some insurers managed to defy this trend. New India Assurance, for instance, demonstrated strong performance by posting a substantial 16 percent growth. Similarly, standalone health insurers collectively outperformed the general market, recording a year-on-year increase of over 10 percent in premium collections.
The report also noted that a change in reporting format contributed to the observed slowdown, indicating that the muted growth might not solely reflect market conditions but also methodological adjustments in data presentation.