The domestic general insurance industry with 33 players have recorded a growth of 13 per cent from Rs 72,546 crore to Rs 81,873 crore in H1 2018-19.The industry has expanded by nine per cent to Rs 19,147 crore during the month of September,
The industry had ended 2017-18 at over Rs 1, 50,000 crore.
Till Sep 30, 2018, the public sector general insurers including New India Assurance(NIA),United India Insurance(UII), National Insurance Company(NIC)and Oriental Insurance Company(OIC), Agriculture Insurance Company(AIC) and ECGC together have almost maintainted a market share of 50 per cent in the general insurance industry.
The month of September has seen the NIA, the leader in the industry,at Rs 2450 crore, recording no growth at all and NIC (Rs 893 crore) and Bajaj Allianz General Insurance (839 crore) and Cholamandalam General Insurance(Rs 309 rore) recording a negative growth of 29 per cent, 40 per cent ,and 26 per cent respectively.
However, NIA at Rs 11,712 crore has mobilised a higher premium of nine per cent during the first six months of the current fiscal. Its market share has fallen below 15 per dent to 14.37 per cent during the reporting period.Delhi based OIC has managed to grow its premium kitty to Rs 6,520 crore, up 16 per cent, during the reporting period.
Private sector ICICI Lombard General Insurance has maintained its no2 postion in the industry by recording a premium of Rs 7,305 crore, up 12 per cent, in H1 FY2018-19. As of Sep 30, the listed general insurer has a market share of 8.92 per cent in the domestic general insurance industry.
SBI General Insurance , which is planning to float an IPO in 2019-20, has earned a total premium of Rs 2064 crore, up 30 per cent, in H1 2018-19.
“We have seen all the segments contributing to our growth in the first half of the year,’’ said Pushan Mahapatra, MD& CEO, SBI General Insurance.
Other mid-sized general insurers like HDFC Ergo GI (Rs4209, 13 per cent), Reliance GI(Rs 3,569 crore, 21 per cent) IFFCO Tokio GI(Rs 3,472 crore, 55 per cent)and Tata AIG GI (Rs 3270 crore, 36 per cent) have fared well during the first half of the fiscal.
The stand alone health insurers such as Apollo Munich(Rs 795 crore, 33 per cent) , Aditya Birla Health Insurance(Rs 177 cr, 84 per cent), Raligare Health Insurance(Rs 769 crore, 69 per cent), Star Health Health Insurance(Rs 2088 crore, 34 per cent),Max Bupa Health Insurance Company (Rs 404 crore, 24 per cent), Cigna TTK Health Insurance Company(Rs 245 crore, 82 per cent) have performed well during the reporting period.
In the first five months of the current fiscal, till August 2018, Motor portfolio at Rs 24,925 crore was the largest portfolio followed by Health (Rs17, 247 per cent) and Crop (Rs 9, 200 crore). Till August 2018, the Motor Third-Party Portfolio at Rs 14,209 crore, is the largest portfolio in the general insurnace industry.
However, the life insurance industry at Rs 93,079.03 crore has posted a flat growth of 1.1 percent in new business premium collection for the April-September period.
Life Insurance Corporation of India (LIC) reported a 7 percent year-on-year (YoY) fall in new premium collection to Rs 63,480.68 crore during the first six months of FY19. During the same period, private insurers' new premium collection grew 24.1 percent on year to Rs 29,598.35 crore.
Among listed companies, HDFC Life saw a 43 percent YoY rise in first-year premiums to Rs 6,286.84 crore, while ICICI Prudential Life Insurance saw a 0.71 percent rise to Rs 4,277.02 crore and SBI Life saw a 30 percent rise to Rs 5,570.27 crore.