Twenty multiline private sector general insurers led by ICICI Lombard General Insurance, have maintained a formidable lead over the four PSU general insurers by recording a total premium of Rs 1,19,561.38 crore, a y-o-y growth of 21 per cent and have already captured 51 per cent of market share
Mumbai:
Falling short of regulator IRDAI’s target of Rs3 trillion, the general insurance industry is likely to end Fy2022-23 with a total premium of over Rs 2.5 trillion.
During Apr-February period, the industry has mobilised a total premium of Rs 2,32.651 crore , showing a year on year (y-o-y)growth of 17 per cent, according to the figures released by the General Insurance Council on Tuesday.
Health portfolio will continue to be the largest business for the general insurance industry in Fy 2022-23.With a growth of 23.57 per cent the portfolio has already contributed over Rs 75,000 crore of premium(as against a total premium of Rs 60,000 crore from motor segment) to the industry’s kitty in Apr- Jan period.
Twenty multiline private sector general insurers led by ICICI Lombard General Insurers, have maintained a formidable lead over their four PSU counterparts by recording a total premium of Rs1,19,561.38 crore, showing a y-o-y growth of 21 per cent and have already captured 51 per cent of market share in the overall industry.
The top three private sector general insurers ICICI Lombard General Insurance, HDFC General Insurance and Bajaj Allianz General Insurance have recorded a robust growth of Rs 19,466.51 crore((18 per cent), Rs14,671.53(25 per cent) and Rs 14,217 crore(12 per cent) respectively during Apr-Dec period.
The four PSU general insurers, led by New India Assurance(NIA), during Apr-February have earned a total premium of Rs75, 736 crore, showing a y-o-y growth of 11 per cent and now have a market share of 32.55 per cent (34.29 per cent in Feb 2021-22).
NIA, the largest general insurer, seems to be growing its book cautiously in order to become profitable in its business during the year. Till February, it has expanded its top line by 5.41 per cent y-o-y to Rs 31,582 crore and its market share has fallen to 13.57 per cent from 15.08 per cent by Feb, 2023.
Except NIA, rest of the PSU general insurers, Oriental Insurance(Rs12,493 crore, National Insurance (Rs11,800 crore ) and United India Insurance(Rs14,000 crore), have seen a growth of over 15 per cent each during Apr- Feb period.
Five stand alone health insurers(SAHIs) have increased their total premium by 26.48 per cent y-o-y to Rs 22.814 crore during Apr- February period. Led by Star Health, they have also gained a higher market share at 9.81 per cent(9.06 per cent) in the first 11 months of the year.
Together, private sector general insurers and SAHIs have contributed over Rs 1.42 trillion and now a market share of over 60 per cent during Apr-Feb period.
Insurance regulator IRDAI had set a target of Rs 3 trillion for the general insurnace industry during 2022-23.
The regulator has projected a high target of 2.52 per cent penetration and Rs 11.73 lakh crore of premium for the industry by FY 2027-28.