The private sector general insurers have mobilised a total premium of Rs 96,246 crore, up 22 per cent in Apr-Dec period while PSU general insurers have gathered a total premium of Rs 62,092 crore,up 8.64 per cent, during the same period.
Mumbai:
The total premium of general insurance industry, led by New India Assurance, has grown by 14.44 per cent year on year to Rs 20,687 in the month of December.
After growing in single digit during earlier months of the current fiscal, NIA has degrown its topline further by two per cent y-o-y to Rs 3556 crore in Dec 2022.
The multi-line private sector general insurers, led by ICICI Lombard General Insurance, have expanded their premium kitty by 24 per cent y-o-y to Rs 10,928 crore while public sector general insurers, at 0.70 per cent. have completely slowed down their top-line growth for the reporting month.
ICICI Lombard General Insurance has grown its top line by 9.10 per cent y-o-y to Rs 1650 crore in December 2022. HDFC Ergo general insurance(Rs 1476 crore), IFFCO –Tokio General insurance(Rs 954 crore), Future Generali General Insurance(Rs 360 crore) , Magma HDI General (Rs211 crore)have grown their premium by above 45 per cent y-o-y in the month of December.
Five stand alone health insurers(SAHIs) led by Star Health & Allied Insurance, have increased their premium base by 23 per cent to Rs 2307 crore during the month of December.
However, four public sector companies have further shed market share to private sector insurers and by the end of December 2022, it has fallen to 33.16 per cent from 35.48 per cent in December 2021.The multiline private sector general insurers have gained market share which has gone up to 35.48 per cent by Dec 2022 from 33.16 per cent in December 2021.
Even the SAHIs have increased their market share to 9.58 per cent by the end of Dec 2022 as against 8.82 per cent Dec 2021.
The private sector general insurers have mobilised a total premium of Rs 96,246 crore, up 22 per cent in Apr-Dec period while PSU general insurers have gathered a total premium of Rs 62,092 crore,up 8.64 per cent during the same period.
SAHIs have collected a total premium of Rs 17,933 crore ,up 26.28 per cent during Apr-Dec period.