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.