Collective market share of 4 PSU general insurers falls to 32.76% in H1 | The Financial Express

Collective market share of 4 PSU general insurers falls to 32.76% in H1

While market share of Oriental Insurance Company fell 17 bps y-o-y to 6.39%, United India Insurance maintained its market share at 7.02% during the first half of the fiscal.

Collective market share of 4 PSU general insurers falls to 32.76% in H1
While market share of Oriental Insurance Company fell 17 bps y-o-y to 6.39%, United India Insurance maintained its market share at 7.02% during the first half of the fiscal.

Collective market share of the four public sector general insurance companies fell 271 basis points year-on-year to 32.76% in the country’s non-life insurance space at the end of the first half of this fiscal.

During the April-September period, New India Assurance, Oriental Insurance Company and National Insurance Company lost market shares in terms of gross direct premium underwritten, while only United India Insurance was able to maintain its market share, amid intense competition from private sector peers.

Market share of New India Assurance, which leads the non-life insurance space, fell 167 basis points to 13.88% year-on-year during H1FY23, while National Insurance Company lost 87 bps y-o-y to 5.47%, data from General Insurance Council showed.

While market share of Oriental Insurance Company fell 17 bps y-o-y to 6.39%, United India Insurance maintained its market share at 7.02% during the first half of the fiscal.

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At the end of the first quarter, collective market share of the four public sector general insurers had fallen 426 bps y-o-y to 37.86%. State-run general insurers continue to lose market share, reflecting weakness in their underwriting performance, constraining their overall profitability and solvency position.

During the April-September period, market shares of major general insurers in the private sector, in term of gross direct premium underwritten, increased. For ICICI Lombard General Insurance, market share rose 50 bps year-on-year to 8.43%, while for HDFC Ergo it was up by 38 bps y-o-y to 6.39%. Tata AIG General Insurance’s market share increased by 73 bps y-o-y to 4.75% and that of SBI General Insurance rose 18 bps y-o-y to 3.98%.

Collective market share of the 24 general insurance companies fell 20 bps y-o-y to 83.57% in the non-life insurance space during H1FY23, while that of the five standalone health insurance companies grew 83 bps y-o-y to 9.31%.

Data from General Insurance Council showed that non-life insurers’ collective gross direct premium underwritten grew over 15% y-o-y to Rs 1.25 trillion in H1, compared with Rs 1.1 trillion for the same period last fiscal.

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First published on: 10-10-2022 at 05:00 IST