Led by HDFC ERGO and SBI General, private sector general insurers registered an 8% growth in gross direct premium in FY 2020-2021. While HDFC ERGO General Insurance saw its premium income rising by Rs. 2,987 crore to Rs. 12,295 crore, SBI General's premium collection rose by Rs. 1,468 crore to Rs. 8,265 crore, shows IRDAI’s Annual Report 2020-2021.
The situation was not so rosy for public non-life insurers. Despite a 6% growth registered by The New India Assurance, their overall gross direct premium witnessed a year-on-year decline of 2%.
Standalone health insurers had a bumper FY2020-2021, according to the IRDAI data. Together (except HDFC ERGO Health Insurance whose data is not available), they registered a 32% rise in premium collection.
ICICI Lombard, Bajaj Allianz top private general insurers
Going by yearly gross direct premium earnings, ICICI Lombard, Bajaj Allianz and HDFC ERGO General Insurance are the top three private players in the general insurance space.
However, they are still behind most public general insurers. The New India Assurance is the biggest general insurer in India, going by yearly premium collection.
In the standalone health insurance space, Star Health has a big lead. The insurer received Rs. 9,389 crore as gross premium in FY 2020-2021, up 37% from the previous fiscal year.
|
Private sector insurers |
Gross direct premium (2019-20) |
Gross direct premium (2020-21) |
Change |
Change% |
|
ICICI Lombard General Insurance |
13,313 |
14,003 |
690 |
5% |
|
Bajaj Allianz General Insurance |
12,780 |
12,570 |
-210 |
-2% |
|
HDFC ERGO General Insurance |
9,308 |
12,295 |
2987 |
32% |
|
IFFCO Tokio General Insurance |
7,961 |
8,411 |
450 |
6% |
|
Reliance General Insurance |
7,465 |
8,310 |
845 |
11% |
|
SBI General Insurance |
6,797 |
8,265 |
1468 |
22% |
|
Tata AIG General Insurance |
7,385 |
8,042 |
658 |
9% |
|
Cholamandalam MS General Insurance |
4,398 |
4,388 |
-10 |
0% |
|
Future Generali India Insurance |
3,417 |
3,835 |
418 |
12% |
|
Bharti AXA General Insurance |
3,134 |
3,160 |
26 |
1% |
|
Universal Sompo General Insurance |
2,859 |
3,052 |
193 |
7% |
|
Royal Sundaram General Insurance |
3,667 |
2,822 |
-845 |
-23% |
|
Go Digit General Insurance |
1,768 |
2,418 |
650 |
37% |
|
Shriram General Insurance |
2,466 |
2,139 |
-327 |
-13% |
|
Liberty General Insurance |
1,531 |
1,446 |
-86 |
-6% |
|
Magma HDI General Insurance |
1,225 |
1,284 |
59 |
5% |
|
Kotak Mahindra General Insurance |
433 |
544 |
111 |
26% |
|
Acko General Insurance |
373 |
422 |
49 |
13% |
|
Raheja QBE General Insurance |
158 |
272 |
114 |
72% |
|
Edelweiss General Insurance |
146 |
219 |
72 |
49% |
|
Navi General Insurance |
158 |
104 |
-54 |
-34% |
|
Private Sector Insurers Total |
90,744 |
98,001 |
7257 |
8% |
|
Public Sector Insurers |
||||
|
The New India Assurance |
29,715 |
31,573 |
1,858 |
6% |
|
United India Insurance |
17,515 |
16,705 |
-810 |
-5% |
|
National Insurance |
15,313 |
14,186 |
-1,127 |
-7% |
|
The Oriental Insurance |
13,996 |
12,747 |
-1,249 |
-9% |
|
Public Sector Insurers Total |
76,539 |
75,211 |
-1,328 |
-2% |
|
Specialized Insurers |
||||
|
Agriculture Insurance Co. of India |
9,361 |
12,053 |
2,691 |
29% |
|
ECGC Ltd. |
1,075 |
1,062 |
-13 |
-1% |
|
Specialized Insurers Total |
10,437 |
13,115 |
2,678 |
26% |
|
Stand-alone Health Insurers |
||||
|
Star Health and Allied Insurance |
6,865 |
9,389 |
2,523 |
37% |
|
HDFC ERGO Health Insurance |
2,522 |
NA |
— |
— |
|
Care Health Insurance |
2,389 |
2,560 |
171 |
7% |
|
Max Bupa Health Insurance |
1,243 |
1,751 |
508 |
41% |
|
Aditya Birla Health insurance |
872 |
1,301 |
429 |
49% |
|
ManipalCigna Health Insurance |
576 |
755 |
179 |
31% |
|
Reliance Health Insurance |
6 |
0 |
-6 |
-100% |
|
Stand-alone Health Insurers Total |
14,034 |
15,755 |
1,721 |
12% |
|
Grand Total |
1,92,193 |
2,02,082 |
9,890 |
5% |