Page 10 - The Insurance Times August 2024

General insurers report period of FY22, according to data from
the General Insurance Council, the Attention Subscribers
lower growth in premium apex body of general insurance com-

underwritten in first quar- panies in India. Please renew your Subscription of The
Insurance Times Journal to receive
ter The growth in premium underwritten copy of the journal uninterruptedly.
in the health insurance segment fell to
The overall growth in premium under- You can now pay by GPAY, Phonepe,
written by general insurance compa- 16.58 per cent at Rs 29,915 crore dur- Paytm, Amazon, ICICI Pay, BHIM UPI
nies declined during the quarter ended ing June 2024 as against the growth of
20.75 ( Rs 25,660 crore) in FY23 and
June of FY25 in the wake of the lower
21.77 per cent in the same period of
growth rate in the motor and health FY22. On the other hand, motor pre-
segments.
mium showed a lower growth of 11.95
The growth in premium underwritten per cent at Rs 21,348 crore during the
declined to 13.33 per cent at Rs 72,758 June quarter this fiscal as against a
crore in the June quarter of FY25 as growth of 20.93 per cent ( Rs 19,069
against a growth of 17.88 per cent (Rs crore) in the same quarter of FY23 and
64,198 crore) in June quarter of FY23 26.32 per cent in FY22, according to GI
and 22.15 per cent growth in the same Council data.

Crop insurance coverage drops in FY24 as 4 top in-
surers cut exposure
General Insurance companies reduced their exposure to crop insurance un-
der the Pradhan Mantri Fasal Bi ma Yojana (PMFBY) during FY24 despite
the government's push to expand the insurance coverage in the farm sec-
tor. Gross direct premium underwritten by insurers declined by 4.17 per cent
to Rs 30,677 crore during the fiscal as against Rs 32,011 crore in the previ-
ous year even as farmers faced crop losses due to floods, unseasonal rains
and heatwaves.
Crop insurance premium underwritten had risen by 8.66 per cent to Rs
29,465 crore in the previous fiscal (FY23).
The decline is mainly due to the 32 per cent fall in premium income under-
written by Agriculture Insurance Company to Rs 9,890 crore during FY 24 Sashi Publications Easy Payment
from Rs 14,619 crore a year ago, according to data released by the Gen- Modes :-
eral Insurance Council. AIC is the leading crop insurer in the country. Four i) UPI ID: SASHIBOOKS@KOTAK
government controlled insurers-AIC, New India Assurance, Oriental Insur- ii) GPAY: 9830171022@okbizaxis
ance and SBI General - reduced their exposure to crop insurance in FY24.
iii) PAYTM: 9830171022@paytm
What's interesting is that AIC paid claims to the tune of Rs 12,353 crore iv) NEFT: Current A/C
under PMFBY during the year.
402120110000327 of 'SASHI
State-owned Oriental Insurance Company also reduced its exposure to just PUBLICATIONS PRIVATE
Rs 8.94 crore in FY 24 from Rs 1,752 crore a year ago. SB I General Insur- LIMITED, Bank of India, VVK
ance also reduced its exposure. New India Assurance Company, the largest Road Branch., Kolkata, India,
insurer in the country, reported a negative premium underwritten at Rs IFSC Code : BKID0004021
34.41 crore as against Rs 11.38 crore last year.
v) Credit Card:
"Four insurers controlled by the government directly or indirectly reported www.sashipublications.com
a decline in crop insurance coverage. The farm sector is a vital sector of the For any query please call
economy. Public sector entities should have been in the forefront of provid- 9073791022/9883398055
ing cover to the farmers who are facing the risk of losses due to floods,
heatwave sand unseasonal rains," said an official of an insurance firm. www.sashipublications.com

10 August 2024 The Insurance Times