Public sector general insurers have lost market share again with aggressive private companies taking the competition to new levels. PSU insurers saw their combined market share declining to 31.99 per cent as of September 2023 with a growth rate of 12.16 per cent, down from 32.76 per cent market share in September 2022 with a growth rate of 6.43 per cent.
New India is the largest insurer with a market share of 13.09 per cent followed by ICICI Lombard (market share 8.67 per cent) and Bajaj Allianz (market share 7.69 per cent). These top 3 insurers have combined market share of 29.46 per cent with a growth rate of 18.45 per cent. Eight insurers have more than 5 per cent market share of total non-life domestic premium as of September 2023. “Non-life industry had underwritten a gross premium of Rs 143,802 crore with a growth rate of 14.86 per cent as compared to Rs 125,194 crore with a growth rate of 15.30 per cent by September 2022,” the Insurance Regulatory and Development Authority of India (IRDAI) said.
The non-life insurance industry reported a premium of Rs 23,814 crore in the month of October 2023, rising by a more sedate 13.6 per cent compared to last month’s 29.1 per cent (the growth had come off a lower base) and 18.5 per cent in October 2022.
Health segment is the largest non-life segment with a share of 37.57 per cent, followed by motor (28.40 per cent) and crop insurance (11.41 per cent). Marine cargo, marine hull, crop insurance and liability (total) registered a negative growth rate as of September 2023.
According to IRDAI, the non-life industry has underwritten a gross premium of Rs 54,030 crore under the health segment with a growth rate of 24.43 per cent as compared to Rs 43,421 crore with a growth rate of 17.92 per cent as of September 2022. Under the health segment, the market share of PSU general insurers declined to 40.41 per cent as of September 2023 with a growth rate of 9.92 per cent, down from the market share of 45.75 per cent in September 2022 with a growth rate of 11.30 per cent.
Industry observers said health insurance premiums continue to be the primary growth agent of the non-life insurance industry.
