Private insurers recorded an annual growth of 14.86 per cent in gross direct premiums.
The non-life industry had generated gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23.
“The combined market share of private general insurers is 53.58 per cent in YTD September 2023 with a growth rate of 21.13 per cent, while the market share in September 2022 is 50.81 per cent with a growth rate of 21.33 per cent,” Irdai said.
The combined market share of PSU general insurers during the period April-September, 2023 was 31.99 per cent with a growth rate of 12.16 per cent, as against 32.76 per cent market share in the same period of the previous financial year, 2022. Growth rate 6.43 percent.
Irdai data showed that New India Assurance Company is the largest insurer with a market share of 13.09 per cent, followed by ICICI Lombard General Insurance Company (8.67 per cent) and Bajaj Allianz General Insurance Company (7.69 per cent). The combined market share of these top 3 insurers is 29.46 percent with a growth rate of 18.45 percent. Irda also said eight insurance companies have more than 5 per cent market share in the 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.
(TagstoTranslate)General Insurers(T)IRDA(T)ICICI Lombard General Insurance Company(T)New India Assurance Company(T)Bajaj Allianz General Insurance Company(T)ICICI Lombard General Insurance Company(T)New India Assurance Company
