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Data released by General Council of India (GIC), a trade body of non-life companies shows that these companies witnessed 18% growth in terms of gross direct premium.
The non-life companies received gross premium of Rs.64,000 crore in April-June 2023 compared to Rs.54,500 crore in April-June 2022.
The growth was driven by motor and health insurance. While the industry collected gross direct premium of Rs.19,000 crore from motor insurance, it did a total business of Rs.25,700 crore in health segment in the first three months of the current financial year. Both motor and health recorded 21% growth in terms of gross premium collection.
Overall, New India Assurance recorded the highest gross direct premium of Rs.10,400 crore in April-June2023. ICICI Lombard and United India held the next two positions with gross premium collection of Rs.6,400 crore and Rs.4,600 crore, respectively.
Let us look at the table to know more about company wise performance in terms of gross premium collection:
|
Insurers |
Grand Total |
|
The New India Assurance |
10,378 |
|
Star Health |
2,948 |
|
United India |
4,593 |
|
The Oriental |
4,180 |
|
ICICI Lombard |
6,387 |
|
National Insurance |
3,555 |
|
Care Health |
1,454 |
|
HDFC Ergo |
3,422 |
|
Niva bupa |
1,119 |
|
Bajaj Allianz |
3,789 |
|
Aditya Birla |
772 |
|
Tata AIG |
3,868 |
|
Reliance |
2,846 |
|
SBI |
1,969 |
|
IFFCO-Tokio |
2,627 |
|
Go Digit |
1,989 |
|
ManipalCigna |
364 |
|
Future Generali India |
1,166 |
|
Acko |
420 |
|
Cholamandalam MS |
1,681 |
|
Universal Sompo |
1,008 |
|
Magma HDI |
600 |
|
Royal Sundaram |
810 |
|
Kotak Mahindra |
317 |
|
Liberty |
560 |
|
Zuno |
145 |
|
Navi |
15 |
|
Raheja QBE |
36 |
|
Shriram |
560 |
|
Agriculture Insurance |
398 |
|
ECGC Ltd |
259 |
|
Industry Total |
64,235 |
|
Previous Year Sub Total |
54,488 |
|
% Growth |
18% |
Motor
In terms of gross direct premium collection in motor insurance, New India Assurance again took the lead by registering the highest gross direct premium of Rs.2000 crore in April-June2023.
ICICI Lombard and Tata AIG followed New India with gross direct premium of Rs.1900 crore and 1800 crore, respectively.
Here is list of top ten players in motor business:
|
Insurers |
Motor Total |
|
The New India Assurance |
2,102 |
|
ICICI Lombard |
1,875 |
|
Tata AIG |
1,763 |
|
United India |
1,381 |
|
Bajaj Allianz |
1,343 |
|
National Insurance |
1261 |
|
Go Digit |
1,185 |
|
Cholamandalam MS |
1,110 |
|
IFFCO-Tokio |
1,076 |
|
HDFC Ergo |
906 |
|
Industry Total |
19,065 |
|
Previous Year Sub Total |
15,766 |
|
% Growth |
21% |
|
% Market Share |
30% |
|
Previous Year Market Share |
29% |
Health
The health insurance sector is dominated by New India Assurance with gross direct premium of Rs.5,400 crore in April-June2023.
Star Health and United India were the next two with gross premium of Rs.2,900 crore and Rs.2,000 crore respectively.
Here are top ten players in health segment:
|
Insurers |
Health |
|
The New India Assurance |
5,368 |
|
Star Health |
2,908 |
|
United India |
2,072 |
|
The Oriental |
2,040 |
|
ICICI Lombard |
1,880 |
|
National Insurance |
1,470 |
|
Care Health |
1,398 |
|
HDFC Ergo |
1,237 |
|
Niva bupa |
1,101 |
|
Bajaj Allianz |
876 |
|
Industry Total |
25,693 |
|
Previous Year Sub Total |
21,279 |
|
% Growth |
21% |
|
% Market Share |
40% |
|
Previous Year Market Share |
39% |