Led by ICICI Lombard General Insurance, the private sector general insurers’ total premium has grown by 17 per cent y-o-y to Rs 8034 crore in the month of May
The private sector general insurers have increased their market share to 51.84 per cent(47.92 per cent) in the first two months Fy 2021-22
Mumbai:
Indicating faster recovery from Covid-19 disruptions, the total premium of general insurance industry has risen by 25 per cent year on year (Y-o-Y) to Rs 15,275 crore in the month of May.
Though, New India Assurance has seen a slight negative growth, it still has remained the largest general insurer by earning a premium of Rs 2207 crore during the month of May.
The total premium of four PSU general insurers have gone up by eight per cent y-o-y to Rs 5532 crore in the month of May.
Led by ICICI Lombard General Insurance, the private sector general insurers’ total premium has grown by 17 per cent y-o-y to Rs 8034 crore in the month of May.
Led by Star Health, the stand alone health insurers have increased their total premium by 24 per cent y-o-y to Rs 1709 crore during the month of May.
With Covid-19 pandemic situation under control, the general insurance industry’s total premium, during the first two months of the new fiscal, has expanded by 24 per cent y-o-y to Rs 36,480 crore.
The private sector general insurers, excluding stand alone health insurers, have increased their market share to 51.84 per cent in the first two months of Fy 2022-23 as compared to 47.92 per cent in the year-ago period.
Together, the four public sector general insurers, NIA, Oriental Insurance Company, National Insurance Company and United India Insurance- have further lost their market shares to 38.73 per cent in the first two months of the fiscal from 42.69 per cent in the corresponding period of the last fiscal.