Private general insurers increased their combined market share in gross direct premiums to 53.58% in the first half of the current financial year from 50.81% in the year-ago period.
At least 31 insurers in the non-life industry had underwritten gross direct premiums. Rs 1.43 lakh crore in the first half of the current financial year, according to segment-wise gross direct premium data released by the Insurance Regulatory and Development Authority of India (IRDAI) till September 2023.
Private insurers recorded an annual growth of 14.86% in gross direct premiums.
The non-life industry contributed to the gross direct premium (GDP). 1,25,194 crore in the April-September period of 2022-23.
“The combined market share of private general insurers stands at 53.58% YTD in September 2023 with a growth rate of 21.13%, while the market share of 50.81% YTD in September 2022 with a growth rate of 21.33%,” Irdai said.
The combined market share of PSU general insurers during the period April-September, 2023 was 31.99% with a growth rate of 12.16%, as against the market share in the same period of the previous financial year, 2022, with a growth rate of 32.76%. 6.43%.
Irdai data showed that New India Assurance Company is the largest insurer with a market share of 13.09%, followed by ICICI Lombard General Insurance Company (8.67%) and Bajaj Allianz General Insurance Company (7.69%).
The combined market share of these top 3 insurers is 29.46% with a growth rate of 18.45%.
Irda also said eight insurance companies have more than 5% market share in total non-life gross domestic product (YTD) in September 2023.
According to Irdai data, health insurance was the largest non-life segment by September 2023, followed by motor (total) and crop insurance.
It also revealed that marine cargo, marine hull, crop insurance and liability (total) recorded negative growth rates.
Fire, marine cargo, marine hull, motor third party, foreign medical insurance, crop insurance, credit insurance, liability (total) and all other miscellaneous segments had lower growth than the growth of the respective segments for the same period last year.
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Updated: Nov 26, 2023, 10:49 PM IST
(TagstoTranslate)Insurance(T)General insurer(T)Private general insurer(T)Market share
