According to the IRDAI data, the state run general insurers lost market share in 2018-19. The trend seems to be continuing this fiscal year as well.
Public sector general insurers’ business grew by 1.28% in 2018-19 as against private insurers, who increased 24.25%, states IRDAI Annual Report for 2018-19. “In the case of public sector general insurers, two of the four companies expanded their business with increase in respective premium collections over the previous year,” the report noted.
Their combined market share fell to 40.52% in 2018-19 with gross direct premium income of ?68,658.85 crore from 45% in 2017-18. New India Assurance remained the largest insurance company in the country last fiscal with direct premium collections of ?23,910 crore.
Meanwhile, the 28 private sector insurers (excluding standalone health insurers) had a market share of 47.97% in 2018-19 (with gross direct premium income of ?81,287.15 crore) as against 43.42% in the previous fiscal year.
The market share of New India Assurance fell to 14.11% in 2018-19 from 15.08% in the previous year. For National Insurance, the market share fell to 8.93% in 201819 from 10.75% in 2016-17. Similarly, the market share of United India Insurance declined to 9.69% in 2018-19 from 11.57% in the previous fiscal y ear. However, Oriental Insurance Company’s market share rose to 7.79% in 2018-19 as against 7.6% in 2016-17.
