Motor and health insurance segment accounted for 67% market share in non-life business in FY 2013-14.
Majority of the non-life business has come from motor and health insurance segment in FY 2013-14. Both motor and health insurance segment accounted for a whopping 67% of market share in non-life insurance business in the last fiscal, shows a latest IRDA data. While motor insurance segment accounted for 44% of general insurance business, health insurance contributed 23% of non-life premium collection in last fiscal.
IRDA data shows that the non-life insurance companies have mopped up a premium of Rs 33,888 crore from motor insurance policies in FY2013-14, a growth of 14% compared to Rs 29,634 crore in the previous fiscal.
Similarly, health insurance business recorded a growth of 13% in FY 2013-14 by collecting Rs 17,624 crore against Rs. 15,530 crore in the corresponding period last year. Experts attribute this to increasing penetration of health insurance and rising hospitalization expenses.
Growth and market share of non-life segments
|
Categories |
Premium collection in FY 2013-14 |
Premium collection in FY 2012-13 |
Change in % |
Market share in non-life business |
|
Motor |
33888 |
29634 |
14% |
44% |
|
Health |
17624 |
15530 |
13% |
23% |
|
Fire |
7380 |
6649 |
11% |
10% |
|
Marine |
3151 |
3030 |
4% |
3% |
|
Engineering |
2477 |
2460 |
1% |
3% |
|
Personal Accident |
1812 |
1617 |
12% |
2% |
|
Liability |
1488 |
1368 |
9% |
2% |
|
Aviation |
448 |
482 |
-7% |
1% |
|
All others |
9274 |
8318 |
11% |
12% |
|
Total |
77542 |
69087 |
12% |
100% |
Source: IRDA
IRDA data shows that private insurers have collected Rs. 34,246 crore during last fiscal while public insurance companies mopped up Rs 43,296 crore in the same period. Also, the market share of private insurance companies in non-life business has increased marginally by 1% to 44%.