Crop insurance has seen a dip in the premium by 4 per cent to Rs 30.715 crore in Fy 24.
Mumbai:With a total premium of Rs 1,09,006 crore, showing a growth of 20 per cent, Health Insurance continues to be no 1 portfolio in Rs 2.89 trillion Indian general insurance industry in FY 24.
Gaining further momentum, post Covid, when it outgrew the Motor portfolio as the largest portfolio of the industry, the business has further expanded its market share to 37.62 per cent in FY 24 from 35.29 per cent FY 23.
27 multiline general insurers, led by state owned New India Assurance, have grown their Health portfolio by 17.58 per cent to Rs 76,556 crore in FY 24 while five stand alone health insurers(SAHIs) have expanded their portfolio by 27 per cent to 32,351 crore during the reporting period.
Motor portfolio has also retained its second position in the industry and with a total premium of Rs 91.781 crore, showing a growth of 12.82 per cent in FY 24, the portfolio has slightly increased its market share in the industry from 31.64 per cent in FY 23 to 31.68 per cent in FY 24.
In Motor, both the segments, the premium for Motor OD(Own damage) and Motor TP (Third Party) have risen during the reporting year. In Motor(OD), the premium has soared by 17.44 per cent to Rs 37,326 crore, while despite no increase in the Motor TP premium in Fy 23-24, the segment has grown by 10 per cent to Rs 54,455 crore during FY 24.
Another major portfolio Crop insurance has seen a dip in the premium by 4 per cent to Rs 30.715 crore in Fy 24.
The decline in the Crop portfolio has happened as state owned Agriculture Insurance Company(AIC) had cut its top line from 14,619 crore in Fy 23 to Rs 9890 in FY 24. However some of the private sector insurers like Reliance General (Rs 3569 crore)HDFC Ergo General Insurance(Rs 3403 crore) Bajaj Allianz General Insurance (Rs 2795 crore) have emerged as large crop insurance players in the industry.
Also, despite buzz over various liability risks including Cyber, and D&O, the premium in the segment has slightly taken a beating to Rs 4,824 crore in Fy 24.
Though, overall Marine portfolio has grown marginally to Rs 5,080 crore despite Red Sea crisis and and ongoing Russia –Ukraine war , premium in Marine Cargo segment has fallen by 2 per cent to Rs 3,685 crore during the year.
Engineering portfolio has grown by 26 per cent to Rs 5,400 crore in FY 24.
Indicating busy Indian sky, Aviation premium, which is largely reinsurance driven, has shot up 18 per cent to Rs1,052 crore in FY 24.