Twenty multiline private sector general insurers, led by ICICI Lombard General Insurance, have seen their premium soaring by 17 per cent y-o-y to Rs 10,776 crore in June while during Q1FY2023-24, it has surged by 21 per cent y-o-y to Rs 34,212 crore
Four public sector general insurers led by New India Assurance, the country’s largest general insurer, have grown by seven per cent y-o-y to Rs 6861.78 core in June but have increased their premium by 10.08 per cent y-o-y to Rs 22,705 crore in the first quarter of the FY 2023-24. Sequentially,they have regained some of their lost market share in the Q1FY 2023-24.
Mumbai:
The Indian general insurance industry’ s premium has grown by 15 per cent year on year(Y-O-Y) to Rs 20,457 crore in the month of June.
During the first quarter of FY 2023-24(Apr-June). the industry has expanded by 18 per cent y-o-y to Rs 64,262 crore.
Four public sector general insurers led by New India Assurance, the country’s largest general insurer, have grown by seven per cent y-o-y to Rs 6861.78 core in June but have increased their premium by 10.08 per cent y-o-y to Rs 22,705 crore in the first quarter of the FY 2023-24.
However, the four PSUs, NIA, Oriental Insurance Company, National Insurance Company and United Insurance Company- sequentially have regained some of their lost market share in the Q1FY 2023-24. At the end of Q4FY 2022-23, the market share of four PSU general insurers had fallen below 33 per cent but has now improved to 35.33 per cent during Q1 fy2023-24.
However, in Q1FY 2022-23, the PSU general insurers had a market share of 37.85 per cent.
Twenty multiline private sector general insurers, led by ICICI Lombard General Insurance, have seen their premium soaring by 17 per cent y-o-y to Rs 10,776 crore in June while for Q1FY2023-24, it has surged by 21 per cent y-o-y to Rs 34,212 crore.
These companies have a market share of 53.24 per cent in June 2023 as against 51.82 per cent in the corresponding period.
Some of the private sector general insurers have grown their premium during the reporting month at a much faster clip than their PSU counterparts that have grown their premium in single digit except NIC whose premium has risen by 18.35 per cent y-o-y to Rs 1395 crore.
In June, ICICI Lombard General Insurance has increased its premium by 20.36 per cent y-o-y to Rs 1912 crore, Bajaj Allianz General Insurance at Rs 1146 crore (with a growth of 22.69 per cent), Reliance General Insurance at Rs1005 crore(22.69 per cent), Tata Aig General Insurance at Rs 11.85 crore(33 per cent), SBI General Insurance at Rs 746 crore(20.73 per cent).
Five stand alone health insurers have grown their premium by 23.54 per cent y-o-y to Rs 2474 crore while in Q1FY2023-24, it has reached Rs 6657 crore, showing a y-o-y growth of 26.53 per cent.
Health Insurance portfolio, followed by the Motor line of business, has remained the largest portfolio in the industry during Q1 2023-24.