General insurance data: ICICI Lombard, New India Assurance lose market share in October

General insurance premium growth remained uneven among major private and public sector insurers in October, with ICICI Lombard, New India Assurance and Go Digit General Insurance recording slower growth or a decline in premiums.

ICICI Lombard General Insurance reported a 10% year-on-year increase in premiums in October, below the industry average growth of 11%. Its cumulative premium growth for the first seven months of FY27 stood at 6%, compared with the industry average of 9%.

The insurer also saw its market share decline by 24 basis points (bps) during the period.

New India Assurance recorded a 3% increase in premiums in October. Its cumulative premium growth for the April-October period was also 3%. The public sector insurer's market share declined by 68 bps.

Go Digit General Insurancereported a 3% decline in premiums in October, while its premiums contracted 2% during the first seven months of FY27. Its market share fell by 31 bps.

The figures indicate that all three insurers trailed the broader industry's premium growth during the period, with Go Digit reporting a contraction in both monthly and cumulative premiums.

The general insurance sector's performance contrasts with the strong premium growth reported by life insurers in October.

Life insurers recorded a 26.2% year-on-year increase in new business premiums to ₹42,914 crore during the month, according to data from the Life Insurance Council.

LIC led the growth with a 31.35% increase in new business premiums, while private life insurers reported 19.45% growth. Among private players, ICICI Prudential Life Insurance recorded a 37.46% increase in premiums