With a total premium of Rs77,049 crore, up 21 per cent y-o-y, mobilised in the first six months Fy 2024, the market share of private sector multiline general insurers has inched up to 53.58 per cent from 50.81 per cent(in Sept fy 2023) while the SAHIs, with a total premium of Rs14,607 crore, up 25.24 per cent y-o-y, have expanded their market share to 10.16 per cent(9.32 per cent on Sept 2023) during the same period
Showing a faster growth momentum, the Indian general insurance industry has seen a 30 per cent year-on-year rise in premium to Rs 29,467 crore in September.
All three segments- PSU general insurance industry, private sector multi line general insurers and stand alone health insurers(SAHIs) have recorded a robust growth, though the private sector general insurer and SAHIs have gained market share over their PSU counterparts during the first six months of the year.
With a total premium of Rs 77,049 crore, up 21 per cent y-o-y, mobilized in the first six months Fy 2024, the market share of private sector multiline general insurers has inched up to 53.58 per cent from 50.81 per cent(in Sept fy 2023) while the SAHIs, with a total premium of Rs 14,607 crore, up 25.24 per cent y-o-y, have expanded their market share to 10.16 per cent(9.32 per cent on Sept 2023) during the same period.
The four PSU general insurers, despite having a much better performance by New Indian Assurance and National Insurance Company, with a total premium of Rs 46,000 crore, up 12 per cent y-o-y, have further lost their market share marginally and fallen to 31.99 per cent during H1 fy 2023-24 as compared to 32.76 per cent in Sept fy2023.
NIA, the largest general insurer in the country, has grown its premium by 12 per cent y-o-y to Rs 2,886 crore in the month of September while NIC, under its new CMD, Rajeshwari Singh, at Rs 2314 crore, has grown by 120 per cent during the same period.
The four PSU general insurers, at Rs 8,896 crore, have expanded their topline by 30 per cent during the month.
Among the private sector companies Bajaj Allianz General Insurance(Bagi) at Rs 1828 crore, has grown by 50 per cent y-o-y, in September, while Reliance General Insurance, at Rs 1,776 crore,has recorded a growth of 12 per cent y-o-y during September.
On the other hand, two of the large private sector general insurers- ICICI Lombard General Insurance and HDFC General Insurance have slowed down their topline growth. ICICI Lombard General Insurance has seen its topline growing by 13.08 per cent y-o-y in September while HDFC General Insurance, at Rs 1,832 crore, has maintained a single digit growth of 8 per cent during the month.
Together, the private sector general insurers, at Rs 14,810 crore, have increased their topline by 31 per cent y-o-y in September fy 2024.
Led by Star Health Insurance, five SAHIs have grown their topline by 23 per cent to Rs 2694 crore, in September,2024.
Star Health insurance itself grown its premium by 15 per cent y-o-y to Rs 1,243 crore in September Fy 2024.
State owned Agriculture Insurance Company’s monthly premium in September has soared by 90 per cent y-o-y to Rs 2924 crore.
Specialised player ECGC, proving cover to exports, has grown its topline by 36 per cent y-o-y to Rs 151 crore in September.