The four large PSU general insurers, with a total premium of over Rs 90,000 crore, have been able to retain a market share of 31.18 per cent in FY 23-24. Their total market share was 32.27 per cent in fy 22-23. The private sector general companies now have a market share of 53.53 per cent while the five health insurers have a market share of 11.43 per cent in fy 23-24.

Mumbai:

Slowing down a bit at the fag end of the fiscal, the Indian general insurance industry’s premium income, led by New India Assurance(NIA) and Health business, has missed the Rs 3 trillion mark and has grown by 12.80 per cent year –on-year(y-o-y)  to Rs 2,89.726 crore in FY 23-24.

With a growth of 16.4 per cent, the industry’s 32 players had recorded a premium of Rs 2,56.900 crore in FY 22-23.

However, what has stopped the industry from reaching Rs 3 trillion mark, during the year, is a large degrowth in the premium income of Agriculture Insurance Company, whose premium income has fallen by 32 per cent y-o-y to Rs 9,920 crore in FY 23-24.

The four PSU general insurers, with a total premium of over Rs 90,000 crore, have been able to retain a market share of 31.18 per cent in FY 23-24. Their total market share was 32.27 per cent in fy 22-23. The private sector general companies now have a market share of 53.53 per cent (51.36 per cent in Fy 22-23)while the five health insurers have a market share of 11.43 per cent( 10.22 per cent in FY 22-23) in fy 23-24.

The industry during the year has seen a lot of private sector companies climbing up in ranking order. Among PSU multiline general insurers, except Oriental Insurance Company(OIC), rest have lost their market share in FY 23-24

For the month of March, the industry has grown by almost 10 per cent y-o-y to Rs 26,647 crore.

It’s been an interesting year, and the industry has largely done very well in terms of covering more citizens. The regulator has been really proactive in ensuring the right growth trajectory for the industry while being very customer focused. The industry has responded well and embarked on the journey towards greater collaboration to increase customer convenience and trust, said Tapan Singhel, MD &CEO, Bajaj Allianz general insurance and chairman of General Insurance Council, the official representative body of all general insurers in the country

“New guidelines and regulations have laid down the road map for the industry in terms of not just expanding its footprint but also ensuring financial inclusion to the last mile. The new year is when the rubber hits the road, and we will see a lot of positive movement in the right direction of insurance for all by 2047,” added Singhel.

The industry’s largest player NIA, with a market share of 12.78 per cent, has seen its premium rising by 7.4 per cent y-0-y to Rs 37,035 crore during the reporting period.

ICICI Lombard General Insurance, the second largest player in the industry, with a market share of 8.55 per cent, has grown its topline by 17.8 per cent to Rs 24,776 crore in fy 23-24.

Emerging as the third largest player, Bajaj Allianz General  Insurance, with a market share of 7.07 per cent, has expanded its premium income by 33.50 per cent y-o-y , the highest in the industry,  to Rs 20,473 crore during FY 23-24.

“At Bajaj Allianz General Insurance, we have always endeavoured to grow better than the industry and be prudent in our business practices. Customer centricity has been our guiding light, and we will continue to operate and innovate while keeping the customer at the centre of everything that we do,” said Singhel.

At fourth, PSU general insurer United India Insurance has mobilised a premium of Rs 19,852 crore, showing a y-o-y growth of 12.5 per cent during FY 23-24.

HDFC Ergo General Insurance is now the fifth  largest general insurer, with a market share of 6.41 per cent and had a premium of Rs 18,568 crore, showing a y-o-y growth of 11.60  per cent during FY 23-24.

Falling to sixth position, another PSU, Oriental insurance Company has recorded a  premium of Rs 18,286 crore, achieving a y-o-y growth of 17 per cent.

Stand alone health insurer (SAHI) Star Health has become the seventh largest players in the industry by grossing a premium of Rs 15,251 crore, that is almost 18 jump y-o-y in Fy 23-24.

Securing the eighth position, state owned National Insurance Company has  grown its premium from Rs 15,148 crore to Rs 15,172 crore in FY 23-24.  

Tata AIG General insurance is now the ninth largest general insurance player in India and has grown its premium by 14.50 per cent y-o-y to Rs 15,081 crore in FY 23-24.

SBI General has occupied the 10th position in the industry by recording a premium of Rs 12,554 crore, up 16 per cent y-o-y in FY 23-24.

Post-Covid, Health portfolio in the industry has grown by 20 per cent to Rs 98,716 crore till February, contributing 37 per cent(35 per cent in (Fy22-23) of the industry’s premium income.

Health is followed by Motor business and at Rs 82,765 crore, till Feb, it has grown by 13 per cent, with market share of 31.46 per cent in premium income of the industry.

Crop premium in the industry has fallen by 5 per cent, due to intense competition among players, to Rs 27,880 crore till Feb and is the third largest portfolio for the industry.

“The upward trajectory of the general insurance industry bodes well for the insurers and the policyholders. The growth by 12.80 per cent to Rs 2,89,726 crores in FY24 not only provides financial security to policyholders but stimulates economic development. This growth is a testament to the willingness and ability of the sector to meet the evolving needs of the customer,”Rajive Kumaraswami, MD & CEO at Magma HDI General Insurance.

It is important to recognize the immense potential of the industry and seize the opportunities that lie ahead. Working together, the industry can achieve the collective goal of ‘Insurance for all by 2047’ by helping shape a future for India, that is secure and prosperous for all, he said.