The private sector general insurers have further expanded their market share to 51.34 per cent till October-2022 as against 49.24 per cent in the year-ago period. The four PSU general insurers have continued to lose their market share to 33.13 per cent till Oct -2022 as compared to 35.19 per cent in the year ago period.
Five Stand alone Health Insurers'(SAHI) grow their market share to 9.34%
Mumbai:
Led by the private sector general insurers, the non-life insurance industry, with 31 various players, has returned to the growth path by recording a premium of Rs 20,423.38 crore in the month of October, up 15.51 per cent year-on-year(y-o-y).
In September the industry’s total premium had a marginally grown by 2.66 per cent(y-o-y) to Rs 22,839 crore.
During the month of October, with ICICI Lombard General Insurance at the top, the private sector general insurers (excluding stand alone health insurers(SAHI)) have increased their premium by 14.5 per cent y-o-y to Rs 11,156 crore, while the four public sector general insurers led by New India Assurance have seen their premium rising by 22 per cent(y-o-y) to Rs 7234 crore.
The private sector general insurers have further expanded their market share to 51.34 per cent in October-22 as against 49.24 per cent in October-21. The four PSU general insurers have continued to lose their market share to 33.13 per cent in Oct 2022 as compared to 35.19 per cent in Oct 2021.
National Insurance Company has more than doubled its premium to Rs 1958 crore while NIA, the country’s largest general insurer has kept its premium almost flat at Rs 2,783 crore, showing a growth of 2.87 per cent during the month of October.
Delhi based Agriculture Insurance Company has seen its October premium falling 96 per cent y-o-y to Rs 12.39 crore.
“In crop insurnace premium is booked whenever governments release them . Most of the Kharif premium for FY 2022-23 was booked in September end . There cannot be a month to month comparison of premium like in other classes,” said a senior AIC official .
Led by Star Health & Allied Insurance, the five SAHI in the month of October have grown their premium by 20.33 per cent y-o-y to Rs 1937 crore with a market share of 9.34 per cent(8.56 per cent).
Some of the top private sector insurers are ICICI Lombard General insurance with premium of of Rs 2,047.12 crore, up 22.19 per cent YoY, Bajaj Allianz general (Rs 1,230 crore 24.54 per cent) and HDFC Ergo General Insurance Rs 1,298.19 crore,5 per cent).
For the first seven months of FY 2022-23, the general insurance industry’s total premium has surged by 15.34 per cent y-o-y to Rs 1.45 trillion.
Health insurance continues to occupy a dominant market share of 35.13 per cent followed by motor Insurance at 27.86 per cent of the total pie till September-2022.
The Indian non-life insurance industry comprises of 24 multiline insurers, five Stand Alone Health Insurers, and two specialised insurers, namely, Agriculture Insurance Company and ECGC Limited, totalling up to 31 general insurers.