In the first half of the current financial year, gross direct premium underwritten by private general insurers grew to 53.58 percent, up from 50.81 percent in the same period last year.
The Insurance Regulatory and Development Authority of India (Irdai) released data on segment-wise gross direct premiums up to September 2023, which shows that up to 31 non-life insurers underwrote gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year. Gross direct premiums for private insurers increased by 14.86 percent annually.
The non-life insurance sector underwrote a GDP (gross direct premium) of Rs 1,25,194 crore between April and September of 2022–2023.
In contrast to a market share of 50.81 percent YTD September 2022 with a growth rate of 21.33 percent, private general insurers have a combined market share of 53.58 percent YTD September 2023 with a growth rate of 21.13 percent, according to Irdai.
PSU general insurers' combined market share from April to September of 2023 was 31.99%, with a growth rate of 12.16%, compared to 32.76% during the same period of the previous fiscal year, 2022, with a growth rate of 6.43 percent.
With a market share of 13.09 percent, according to Irdai data, New India Assurance Company is the biggest insurer. ICICI Lombard General Insurance Company and Bajaj Allianz General Insurance Company are second and third, respectively, with 8.67 and 7.69 percent.
With an 18.45% growth rate, the aggregate market share of these top 3 insurers is 29.46 percent. Additionally, according to Irdai, eight insurers hold a market share of more than 5% of the non-life GDP as of September 2023.
