Financial year 2020-21 ended on a positive note for non-life insurance companies. The total gross premium underwritten by the non-life insurance industry has risen by 5% to Rs.1.99 lakh crore in 2020-21 despite the pandemic.
This was largely due to business growth in health insurance segment. IRDAI data shows that the gross premium underwritten by health insurance providers has increased by 17% to Rs.58,600 crore in FY 2020-21 compared to Rs.51,700 crore in FY 2019-20.
On the other hand, the industry’s gross premium underwritten by motor insurance policies declined marginally by 1.68% to Rs.67,790 crore in FY21 compared to Rs.68,951 crore in FY20.
Overall, public general insurers account for 28% or Rs.65,700 crore of the total premium. The New India has collected the highest gross premium income of Rs.28,481 crore followed by United India that saw a premium collection of Rs.16,710 crore in FY21.
Among private players, ICICI Lombard secured the top position by posting the highest gross premium income of Rs.14,003 crore. Bajaj Allianz bagged the second place with business premium income of Rs.12,570 crore followed by HDFC Ergo with premium collection of Rs.12,295 crore.
|
Insurance companies |
Gross premium underwritten in FY 2020-21 |
Gross premium underwritten in FY 2019-20 |
Market share 2021 (%) |
Growth % |
|
Acko General Insurance |
422 |
373 |
0.21 |
13.25 |
|
Bajaj Allianz General |
12570 |
12780 |
6.32 |
-1.65 |
|
Bharti AXA General |
3160 |
3134 |
1.59 |
0.82 |
|
Cholamandalam MS |
4400 |
4398 |
2.21 |
0.03 |
|
NAVI General Insurance |
104 |
158 |
0.05 |
-33.92 |
|
Edelweiss General |
219 |
146 |
0.11 |
49.34 |
|
Future Generali India |
3835 |
3417 |
1.93 |
12.22 |
|
Go Digit General Insurance |
2419 |
1768 |
1.22 |
36.83 |
|
HDFC Ergo General |
12295 |
9630 |
6.19 |
27.68 |
|
ICICI Lombard General |
14003 |
13313 |
7.05 |
5.18 |
|
IFFCO Tokio General |
8411 |
7961 |
4.23 |
5.65 |
|
Kotak Mahindra General |
544 |
433 |
0.27 |
25.52 |
|
Liberty General Insurance |
1446 |
1531 |
0.73 |
-5.59 |
|
Magma HDI General |
1284 |
1225 |
0.65 |
4.8 |
|
National Insurance |
14181 |
15262 |
7.14 |
-7.08 |
|
Raheja QBE General |
272 |
158 |
0.14 |
72.16 |
|
Reliance General |
8310 |
7465 |
4.18 |
11.32 |
|
Royal Sundaram General |
2823 |
3667 |
1.42 |
-23.03 |
|
SBI General Insurance |
8265 |
6797 |
4.16 |
21.6 |
|
Shriram General Insurance |
2139 |
2466 |
1.08 |
-13.27 |
|
Tata AIG General Insurance |
8042 |
7385 |
4.05 |
8.9 |
|
The New India Assurance |
28482 |
26813 |
14.33 |
6.22 |
|
The Oriental Insurance |
12452 |
13673 |
6.27 |
-8.93 |
|
United India Insurance |
16711 |
17515 |
8.41 |
-4.59 |
|
Universal Sompo General |
3052 |
2859 |
1.54 |
6.75 |
|
Aditya Birla Health |
1301 |
872 |
0.65 |
49.15 |
|
ManipalCigna Health |
755 |
576 |
0.38 |
31.12 |
|
Max Bupa Health |
1751 |
1243 |
0.88 |
40.86 |
|
Care Health Insurance |
2560 |
2389 |
1.29 |
7.15 |
|
Star Health & Allied Insurance Company |
9353 |
6865 |
4.71 |
36.24 |
|
Agricultural Insurance Company of India |
12112 |
9361 |
6.09 |
29.39 |
|
ECGC |
1062 |
1075 |
0.53 |
-1.23 |
|
Specialized PSU Insurers |
13175 |
10437 |
6.63 |
26.23 |
|
GRAND TOTAL |
198735 |
188917 |
100 |
5.2 |
(in crores)