Money & Banking

Non-life insurers’ premium rises 19% in April-December

G Balachandar Chennai | Updated on January 12, 2018

Private general insurers’ market share grows to 44%

With 30 per cent growth in December 2017, the general insurance industry has reported double-digit growth in gross premium for the nine-month period of this fiscal.

The total premium underwritten by non-life insurance companies saw an increase of 19 per cent at ₹1,08,784 crore during April-December 2017, compared with ₹91,515 crore in the same period of the previous fiscal, according to Insurance Regulatory and Development Authority of India (IRDAI).

Public sector insurers mopped up ₹48,922 crore (₹43,595 crore in year-ago period), while private players garnered about ₹47,434 crore (₹38,320 crore).

Standalone health insurers secured a total premium of ₹5,179 crore (₹3,615 crore). Specialised insurers clocked a total premium of ₹7,249 crore (₹5,985 crore).

New India Assurance remained the top player garnering premium of ₹16,806 crore in April-December 2017 (₹14,033 crore in year-ago period). United India Insurance was at No. 2 position with a premium of ₹11,987 crore (₹11,679 crore), followed by National Insurance at ₹11,732 crore (₹10,109 crore). Oriental Insurance’s premium grew 8 per cent to ₹8,396 crore (₹7,774 crore).

Private players

In the private sector category, ICICI Lombard topped the group with an underwritten premium of ₹9,432 crore (₹8,059 crore). Bajaj Allianz’s premium grew to ₹6,692 crore (₹5,388 crore).

HDFC Ergo General’s premium rose to ₹5,491 crore (₹4,244 crore). Reliance General, Tata-AIG and Iffco-Tokia garnered ₹4,010 crore (₹3,169 crore), ₹3,959 crore (₹3,175 crore) and ₹3,675 crore (₹3,480 crore), respectively.

The combined market share of four public sector general insurance companies stood at about 45 per cent, down from 48 per cent a year ago. The share of private players (excluding standalone and specialised ones) increased to 44 per cent from 42 per cent a year ago.

Six standalone health insurance companies had a combined market share of 4.76 per cent.

During December 2017, the total underwritten premium of non-life insurance companies grew 30 per cent to ₹12,678 crore (₹9,759 crore in December 2016).

The general insurance industry underwrote total direct premium of ₹1,28,128 crore in 2016-17, up 33 per cent over the previous year. Public sector insurers logged a growth of 26 per cent, while private general insurers reported 36 per cent growth.

Standalone health insurers and specialised insurers registered growth of 41 per cent and 70 per cent, respectively, according to the latest annual report of IRDA.

Published on January 12, 2018

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