Private general insurers increased their combined market share in gross direct premium to 53.58 per cent in the first half of the current financial year from 50.81 per cent in the same period a year ago.
Data released by the Insurance Regulatory and Development Authority of India (IRDAI) showed that around 31 insurers from the non-life industry have reported underwritten gross direct premiums worth Rs 1.43 lakh crore during the first six months of the current financial year. The data further said that private insurers have recorded an annual growth of 14.86 per cent in gross direct premiums, PTI reported. The non-life industry recorded underwritten gross premium (GDP) of Rs 1,25,194 crore in the April to September period in 2022-23.
The collective market share of private general insurers is 53.58 per cent in September 2023 (YTD), with a growth rate of 21.13 per cent, as against a market share of 50.81 per cent in September 2022, with a growth rate of 21.33 per cent. , IRDAI noted.
PSU general insurers recorded a combined market share of 31.99 per cent with a growth rate of 12.16 per cent during the first half of the current financial year, as against 32.76 per cent market share in the same period last financial year. Growth rate 6.43 percent.
The data also showed that New India Assurance Company remained the largest insurer as it had a market share of 13.09 per cent, followed by ICICI Lombard General Insurance Company with a share of 8.67 per cent and Bajaj Allianz General Insurance Company with a share of 7.69 per cent. . Percent. Overall, these three insurance companies have a combined market share of 29.46 percent with a growth rate of 18.45 percent. IRDAI also said the market share of eight insurers in the total non-life gross domestic product (YTD) in September 2023 is more than 5 per cent.
Health insurance remained the largest non-life segment by September 2023, followed by motor (total) and crop insurance, IRDAI data said. However, marine cargo, marine hull, crop insurance and liability (total) recorded negative growth rates.
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(TagstoTranslate)Private Insurance(T)Insurance(T)Insurers(T)Insurance Market(T)Indian Insurance Industry
