Private General Insurers See Market Share Rise To 53.58% In First Half Of FY24

About 31 insurers from the non-life industry reported underwritten gross direct premiums of Rs 1.43 lakh crore during the first six months of the current fiscal year.

PSU general insurers reported a combined market share of 31.99 per cent during the first half of the current fiscal year with a growth rate of 12.16 per cent, against a market share of 32.76 per cent in the same period of the previous fiscal year, with a growth rate of 6.43 per cent. 

Private general insurers boosted their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year, against 50.81 per cent in the corresponding period a year earlier. 

About 31 insurers from the non-life industry reported underwritten gross direct premiums of Rs 1.43 lakh crore during the first six months of the current fiscal year, data released by Insurance Regulatory and Development Authority of India (IRDAI) revealed. The data further stated that private insurers logged an annual increase of 14.86 per cent in gross direct premiums, reported PTI. The non-life industry logged underwritten gross premium (GDP) at Rs 1,25,194 crore in the April to September period in 2022-23. 

Private general insurers have a collective market share of 53.58 per cent year-to-date (YTD) September 2023, with a growth rate of 21.13 per cent against a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent, IRDAI noted. 

PSU general insurers reported a combined market share of 31.99 per cent during the first half of the current fiscal year with a growth rate of 12.16 per cent, against a market share of 32.76 per cent in the same period of the previous fiscal year, with a growth rate of 6.43 per cent. 

The data also revealed that New India Assurance Company remained the largest insurer as it held a market share of 13.09 per cent, followed by ICICI Lombard General Insurance Company with a share of 8.67 per cent, and Bajaj Allianz General Insurance Company with a share of 7.69 per cent. Together, these three insurers hold a combined market share of 29.46 per cent with a growth rate of 18.45 per cent. IRDAI also stated that eight insurers hold over 5 per cent of the market share of total non-life GDP YTD September 2023. 

The IRDAI data noted that till September 2023, health insurance remained the largest non-life segment followed by motor (total) and crop insurance. However, marine cargo, marine hull, crop insurance and liability (total) registered negative growth rate.