The four PSU multiline general insurers -New India Assurance, Oriental Insurance Company, United India Insurance, National Insurance Company- have further lost around four per cent of their market share to private sector competitors in Apr-June period.
Mumbai:
Bouncing back from Covid-19 Pandemic disruptions, general insurance companies have grown by 23 percent in their gross premium collection to Rs 54,492 crore in the quarter ended June 2022.
According to data available from the General Insurance Council, private sector companies registered a higher growth 33.80 percent at Rs.28,235 crore in premium collection for the June quarter.
The public sector general insurers, at Rs. 20,626 crore, witnessed only a 10.25 percent growth in premium collection during the first quarter FY 2021-22.
The four PSU multiline general insurers -New India Assurance, Oriental Insurance Company, United India Insurance, National Insurance Company- have further lost around four per cent of their market share to private sector counterparts.
Among private sector companies, ICICI Lombard General insurance retained position as the second largest general insurer in the country by mobilising Rs. 5,370 crore of premium, a rise of 43.86 percent. Bajaj Allianz General Insurance had mopped up Rs 3,100 crore of premium during the reporting quarter.
New India Assurance, India’s largest general insurer, at Rs. 9,550 crore, reported an 8.13 percent rise in premium collection during the June quarter, according to the council data.
Exclusive health insurance companies mobilised Rs 5, 263 crore of premium, a growth of 28.63 percent during the reporting quarter.
For the month of June 2022, total premium collection of all general insurance companies was at Rs 17,810 crore, a rise of 20.68 percent over te corresponding month of 2021-22.