Private General insurance players have wrested some market share from public sector companies as witnessed in the case of the banking sector in the fiscal year 2022-23 (FY23).
The four PSU insurers, New India Assurance, United India, Oriental Insurance and National Insurance, with a total premium of Rs 82,895 crore (Rs 75,132 crore in FY22) have reported a cumulative market share of 32.27 per cent, down from 34.03 per cent in FY22.
However, private sector general insurers including five stand-alone health insurers (SAHIs) with a total premium of Rs 158,182 crore during the year ended March 2023 (Rs 130,420 crore in FY22) expanded the total market share to 61.56 per cent from 59.16 per cent in FY22, according to figures released by the General Insurance Council.
There is now a new ranking order emerging with two private sector general insurers entering into the top-five league of the industry by replacing public sector general insurers. In FY 23, the top five general insurers of the country were – New India Assurance (Rs 34,487 crore premium income with a growth of 6 per cent), ICICI Lombard General Insurance (Rs 21,000 crore premium, 17 per cent growth), United India Insurance (Rs 17,643 crore, 12.22 per cent), HDFC Ergo general insurance (16,635 crore, 23.25 per cent), Oriental Insurance Company (Rs 15,609 crore, 14 per cent). “FY23 has seen the market share of the four public sector general insurers for the first time have fallen below 33 per cent.
