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  • Insurance Who are the top non-life players across business segments?

    Who are the top non-life players across business segments?

    Currently, the top ten players account for 68% of the total premium collection.
    Nishant Patnaik and Suhail Chagla Nov 11, 2024

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    This latest data by the General Insurance Council shows that The New India Assurance, ICICI Lombard and Bajaj Allianz are the top three non-life insurers in terms of premium collection. 

    The New India Assurance tops the table with premium collection of Rs.19,400 crore in April-September 2024. 

    ICICI Lombard and Bajaj Allianz occupy the next two spots with premium collection of Rs.14,400 crore and Rs.10,550 crore respectively. 

    United India Insurance with premium collection of Rs.10100 crore and The Oriental Insurance with Rs.10050 crore complete the list of top 5 general insurers. 

    Others in the top 10 include are Tata AIG, HDFC Ergo, National Insurance, Star Health and Allied and Reliance General. 

    These top ten insurers s account for 68% of the total premium collection.

    Overall, the non-life insurance industry has received a total premium collection of Rs. 1.54 lakh crore in April-September 2024, marking a 7% growth over the previous year.

     

    Let’s have a look at the table to know more:

    General insurers/health insurers

    Total Premium Collections (in Rs. Crore)

    Market Share (%)

    The New India Assurance 

    19390.98

    12.60

    ICICI Lombard 

    14408.79

    9.36

    Bajaj Allianz General Insurance

    10557.14

    6.86

    United India Insurance 

    10067.7

    6.54

    The Oriental Insurance 

    10052.25

    6.53

    Tata AIG 

    8946.44

    5.81

    HDFC Ergo 

    8881.29

    5.77

    National Insurance 

    7864.02

    5.11

    Star Health & Allied Insurance 

    7813.29

    5.08

    Reliance General 

    7279.87

    4.73

    SBI General 

    6586.31

    4.28

    Go Digit General Insurance 

    4376.62

    2.84

    Care Health Insurance 

    4159.85

    2.70

    Cholamandalam MS General Insurance 

    4092.01

    2.66

    IFFCO-Tokio General Insurance 

    4030.49

    2.62

    Agriculture Insurance 

    3832.34

    2.49

     Niva bupa health insurance 

    3241.51

    2.11

    Future Generali India 

    2714.92

    1.76

    Universal Sompo General Insurance 

    2697.44

    1.75

    Aditya Birla Health Insurance 

    2170.8

    1.41

    Royal Sundaram General Insurance 

    1922.17

    1.25

    Shriram General Insurance 

    1593.74

    1.04

    Magma HDI General Insurance 

    1506.79

    0.98

    Liberty General Insurance 

    1134.55

    0.74

    Acko General Insurance 

    1041.42

    0.68

    Zurich Kotak Mahindra General Insurance 

    935.23

    0.61

    ManipalCigna Health Insurance 

    832

    0.54

    ECGC

    616.52

    0.40

    Zuno General Insurance 

    465.75

    0.30

    Kshema General insurance

    427.18

    0.28

    Raheja QBE General Insurance 

    244.56

    0.16

    Navi General Insurance 

    26.65

    0.02

    Narayana Health Insurance 

    0.12

    0.00

     

    Fire Insurance

    The fire insurance segment has received premium collection of Rs.14,450 crore. The segment makes up 9% of the total non-life premium collection.

    The segment is dominated by The New India Assurance, which collected over Rs.2000 crore, followed by ICICI Lombard and Bajaj Allianz at Rs.1900 crore and Rs.1500 crore, respectively.  

    These three players alone account for 37% of the fire insurance market.

    Ranking based on fire insurance premium collection:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    The New India Assurance 

    2005.5

    13.88

    ICICI Lombard General Insurance 

    1884.33

    13.04

    Bajaj Allianz General Insurance 

    1493.02

    10.33

    Tata AIG General Insurance 

    1283.23

    8.88

    HDFC Ergo General Insurance 

    1187.08

    8.22

     

    Marine Insurance 

    Marine insurance is split between Marine Cargo with the total premium of Rs. 2,200 crore and  Marine Hull with Rs. 800 crore. The total insurance premium collection for Marine insurance is Rs 3000 crore, with a growth of 12% from the previous year. 

    ICICI Lombard with premium collection of Rs.530 crore, The New India Assurance with Rs.525 crore and Tata AIG with Rs.365 crore are the top three players in this segment. These three players alone make up for 48% of the total premium collections under Marine Insurance. 

    Ranking based on Marine Insurance premium:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    ICICI Lombard General Insurance 

    528.07

    17.79

    The New India Assurance 

    524.5

    17.67

    Tata AIG General Insurance 

    365.34

    12.31

    The Oriental Insurance 

    244.22

    8.23

    United India Insurance Co 

    223.39

    7.52

     

     

    Engineering insurance

     

    Engineering insurance has witnessed healthy growth of 9% by collecting the total premium of Rs. 3000 crore in April-September 2024. 

    The three largest players are ICICI Lombard with premium collection of Rs. 530 crore, New India Assurance with Rs. 480 crore and United India with Rs. 290 crore.

    Ranking based on Engineering insurance premium collection:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    ICICI Lombard General Insurance 

    526.04

    17.61

    The New India Assurance 

    481.82

    16.13

    United India Insurance 

    293.06

    9.81

    Reliance General Insurance 

    242.21

    8.11

    Bajaj Allianz General Insurance 

    232.64

    7.79

     

    Motor insurance

    Motor Insurance is the largest non-health segment, which is split between Motor own damage (OD) at Rs. 18,500 crore with 10% growth and Motor third-party (TP) with Rs. 26,000 crore and 8% growth. It makes up 29% of the total premium collected in non-life insurance. 

    The total premium collected is Rs.45,000 crore with a growth of 9% compared to last year. The leaders in this segment are ICICI Lombard with premium collection of Rs.4,850 crore, New India Assurance with Rs.4,600 crore and TATA AIG with Rs.4,000 crore.

    Ranking based on Motor Insurance premium:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    ICICI Lombard General Insurance 

    4,850.53

    10.91

    The New India Assurance 

    4,605.33

    10.36

    Tata AIG General Insurance 

    4,004.88

    9.01

    United India Insurance 

    3,524.05

    7.93

    Bajaj Allianz General Insurance 

    2,924.95

    6.58

     

    Health insurance 

    Health Insurance is the largest segment in the non-life insurance.  It has received a total premium collection of Rs. 59,600 crore. It accounts for 39% of the total non-life premium collection.

    Notable players are The New India Assurance with premium amount of Rs.10,100 crore, Star Health & Allied Insurance at Rs.7,700 crore and Oriental Insurance with Rs.4,400 crore. 

    Ranking based on health insurance premium:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    The New India Assurance 

    10068.08

    16.89

    Star Health & Allied Insurance 

    7721.76

    12.95

    The Oriental Insurance 

    4439.2

    7.45

    Care Health Insurance

    4063.88

    6.82

    ICICI Lombard General Insurance

    4012.19

    6.73

     

     

    Aviation insurance 

    Aviation is a specialized segment with only 11 insurers participating it. It has recorded a growth of 2% with a total premium collection of Rs.540 crore.

    New India Assurance alone has a 33% market share in this segment, with a premium collection of Rs.180 crore. It is followed by Tata AIG, which also has a sizable market share of almost 20% with premium collection of  Rs. 110 crore, which is in turn followed by ICICI Lombard with 18% market share and premium collection of Rs. 100 crore. 

    Ranking based on aviation insurance premium collection:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    The New India Assurance 

    177.72

    33.10

    Tata AIG General Insurance 

    105.24

    19.60

    ICICI Lombard General Insurance 

    96.33

    17.94

    The Oriental Insurance 

    84.29

    15.70

    National Insurance 

    25.26

    4.70

    United India Insurance 

    18.55

    3.45

    Reliance General Insurance 

    12.47

    2.32

    HDFC Ergo General Insurance 

    9.35

    1.74

    Bajaj Allianz General Insurance 

    7.69

    1.43

    SBI General Insurance 

    0.08

    0.01

     

    Liability insurance

    Liability is one of the fastest-growing segments, it has achieved nearly 20% growth over the last one year. The top players here are ICICI Lombard with premium collection of Rs.580, Tata AIG with Rs.460 crore and Bajaj Allianz with Rs.430 crore. 

    Ranking based on liability insurance premium:

    Insurers

    Total Premium Collections (In Rs. Crore)

    Market Share (%)

    ICICI Lombard General Insurance 

    583.78

    18.78

    Tata AIG General Insurance 

    457.64

    14.72

    Bajaj Allianz General Insurance 

    425.24

    13.68

    HDFC Ergo General Insurance 

    396.91

    12.77

    The New India Assurance 

    307.54

    9.89

     

    Personal Accident

    Personal accident insurance has witnessed premium collection of Rs.5000 crore in April-September 2024. Oriental Insurance dominates this segment with premium collection of Rs. 1170 crore. SBI General and National Insurance occupy the next two spots with Rs. 570 crore and Rs. 470 crore, respectively. 

    Ranking based on personal accident premium:

    Insurers

    Total Premium Collections (In Rs.Crore)

    Market Share (%)

    The Oriental Insurance 

    1167.22

    23.22

    SBI General Insurance 

    565.98

    11.26

    National Insurance 

    472.1

    9.39

    The New India Assurance 

    353.09

    7.03

    Go Digit General Insurance 

    350.06

    6.97

     

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