Non-life insurers’ gross direct premium grows 13% in FY19

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Mumbai | Published: April 26, 2019 3:50:24 AM

New India Assurance, the country’s biggest general insurance company, continued its dominant position with a market share of 14.06%, while in the private sector ICICI Lombard remained on the top with a market share of 8.52%.

Non-life insurers, General insurance, ICICI Lombard, Insurance Regulatory and Development Authority of India, moneyWhile health insurance saw gross premiums underwritten at Rs 30,916.13 crore as compared to Rs 26,266.35 crore in previous financial year a growth of 17.7%.

General insurance companies reported gross direct premium collection of Rs 1.70 lakh crore in the financial year 2018-19, an increase of 13% year-on-year. Growth in the non-life insurance sector was largely due to a surge in health insurance and crop insurance, say market participants. Among the 25 general insurer players, only two leading public sector insurers — National Insurance and United India Insurance — saw negative growth in their premiums in the previous financial year.

New India Assurance, the country’s biggest general insurance company, continued its dominant position with a market share of 14.06%, while in the private sector ICICI Lombard remained on the top with a market share of 8.52%. However, four public sector insurers enjoyed a combined market share of around 40% in the last fiscal compared to 45% in the previous financial year.

Data from the Insurance Regulatory and Development Authority of India (Irdai) showed the general insurance industry saw gross direct premium of Rs 1.7 lakh crore in 2018-19 as against Rs 1.5 lakh crore in previous fiscal.

Non-life insurers, General insurance, ICICI Lombard, Insurance Regulatory and Development Authority of India, money

“In the financial year 2017-18, the non-life insurance industry had seen growth of over 17% and this year the growth has fallen to 13% as some line of business like fire, engineering and even motor insurance have seen low growth compared to health insurance in the last financial year,” said a senior official from the leading insurance company.

According to the data from General insurance Council, as on February 2019, motor insurance saw gross premiums underwritten at Rs 58,315.87 crore as compared with Rs 53,154.07 crore in previous financial year a growth of 9.7%. Motor insurance has two components, one being third party (TP) and other own damage (OD). So motor OD saw gross premiums underwritten at Rs 24,218.55 crore as compared to Rs 24,048.03 crore in previous financial year a growth of 0.7%. While motor TP grew by 17.1% in the last financial year till February.

While health insurance saw gross premiums underwritten at Rs 30,916.13 crore as compared to Rs 26,266.35 crore in previous financial year a growth of 17.7%.

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