Gross premium underwritten by general insurance companies has gone up by 18.57 percent to Rs.102,357 crore during the five months ended August 2022
The market share of private players also increased to 50.23 percent during the period from 47.90 percent a year ago
Mumbai:
General insurance industry reported a 11.91 per cent growth in premium underwritten at Rs 24,471 crore during the month of August 2022, as against Rs 21,867 crore in the same period a year ago.
Gross premium underwritten by general insurance companies has gone up by 18.57 percent to Rs.102,357 crore during the five months ended August 2022 as against Rs. 86,329 crore in the same period of last year despite a rise in inflation.
Private insurers reported a higher growth when compared to public sector insurers. PSU insurers showed a 11.87 percent growth in premium underwritten at Rs 34,203 crore during the five-month period August 2022 as against Rs. 30,575 crore last year.
They also reported a decline in market share to 33.42 percent from 35.42 percent last year, according to figures compiled by the General Insurance Council.
On the other hand, private sector general insurers registered a higher growth of 24.34 percent at Rs. 51,419 crore during the five-month period as against Rs.41,353 crore a year ago.
The market share of private players also increased to 50.23 percent during the period from 47.90 percent a year ago.
Among PSU players, New India Assurance showed a growth of just 6.80 percent at Rs. 14, 790 crore during the five months ended August 2022 as against Rs. 13,849 crore a year ago.
NIA’s market share also declined to 14.45 per cent in August 2022 from 16.04 per cent a year ago.
ICICI Lombard, India’s largest private player, registered a big growth of 50.81 percent in gross premium underwritten at Rs.9,002 crore during the five months as against Rs. 5,969 crore a year ago. Its market share also increased from 6.91 percent a year ago to 8.80 percent now. HDFC Ergo reported a 34.55 percent growth at Rs. 6,301 crore.
Bajaj Allianz reported a mere 2.3 percent growth at Rs. 6,616 crore during the five months.