Motor and health account for 64 percent of market share in non-life business

Motor and health insurance segment account for a whopping 64% of non-life insurance business during the first half of FY 2013-14, shows a latest IRDA data. Motor insurance segment accounted for 41% of general insurance business whereas health insurance contributed 23% of non-life premium collection for April-September 2013.

While the motor insurance segment has recorded a healthy growth of 18% in premium collection by accumulating Rs 16052 crore in April-September 2013 as compared to Rs 13,609 crore in the corresponding period last year,  some insurers feel that the loss ratios of motor insurance policies are still very high.

The health segment has collected Rs 8721 crore in April-September 2013 against Rs 7490 crore in the corresponding period last year, a growth of 16%.  Experts attribute this to increasing insurance penetration and rising cost of health insurance.

IRDA data shows that private insurers have collected Rs 16817 crore during the first half whereas public insurance companies collected Rs 21,901 crore in the same period. Also, the market share of private insurance companies in non-life business has increased by a marginal 2% to 43%.