Though, the actual figures are yet to be known for the whole year, this the second year, when the health business will be largest portfolio of the industry, followed by motor and crop
At the end of Fy 2022-23, the four public sector general insurers, NIA,United India Insurance, Oriental Insurance and National Insurance Company have a total market share of 32.27 per cent( 34.03 per cent in 2021-22 while private sector general insurers including five stand alone health heath insurers(SAHIS) have a total market share of 61.56 per cent(59.16 per cent in 2021-22).
Mumbai:
Led by state owned New India Assurance, India’s general insurance industry has grown its gross premium year on year(y-o-y) by 16.36 per cent to close the fiscal 2022-23 with record premium of almost Rs 2,57 trillion((USD31.33 billion), according to figures released by General Insurance Council on Thursday.
Though, the actual figures are yet to be known for the whole year, this the second year, when the health business will be largest portfolio of the industry, followed by motor and crop.
At the end of Fy 2022-23, the four public sector general insurers, NIA,United India Insurance, Oriental Insurance and National Insurance Company, with a total premium of Rs 82,895 crore(Rs75,132 crore in fy 2021-22) have an overall total market share of 32.27 per cent( 34.03 per cent in fy2021-22) while private sector general insurers including five stand alone health heath insurers(SAHIS) with a total premium of Rs 1,58,182 crore(Rs1,30,420 crore in fy 2021-22) have a total market share of 61.56 per cent(59.16 per cent in 2021-22).
20 multiline private sector general insurers have grown their premium by 20 per cent to almost Rs1,32 trillion
The five SAHIs. with a total premium of Rs 26,242 crore(Rs20,867 crore in fy2021-22) have a total market share of 10.21 per cent(9.45 per cent in 2021-22) during fy2022-23.
The top five general insurers of the country during fy 2022-23 are –NIA (Rs 34,487 crore with growth of 6 per cent), ICICI Lombard General Insurance(Rs 21,000 crore 17 per cent), United India Insurance (Rs17,643 crore, 12.22 per cent), HDFC Ergo general insurance(16,635 crore, 23.25 per cent), Oreintal Insurance Company(Rs 15,609 crore, 14 per cent) .
During the month of March, the general insurance industry expanded by 11.50 per cent y-o-y to Rs 24,271 crore.
Some of the companies which have earned more than Rs 10 ,000 crore of premium are Bajaj Allianz General Insurance(15,336 crore,12 per cent) National Insurance Company(Rs 15,155 crore, 15.5 per cent), Agriculture Insurance Company(Rs 14,643 crore,5 per cent), Tata Aig General Insurance(Rs 13,176 crore,31 per cent), Star Health(12,950(13 per cent), SBI General Insurance(Rs 120,828 crore, 18 per cent) Reliance General Insurance Rs 10,339 crore,10 per cent.
Sachin Bansal owned Navi General Insurance is the only company that has recorded a negative growth during the reporting year.