Private general insurers expand market share to 53.58% in H1FY24

Private general insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent in the year-ago period.

As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (Irdai).

Private insurers registered an annual increase of 14.86 per cent in gross direct premiums.

The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23.

"Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said.

PSU general insurers had a combined market share of 31.99 per cent during April-September, 2023 period with a growth rate of 12.16 per cent as compared to a market share of 32.76 per cent in the corresponding period of the last financial year, 2022 with a growth rate of 6.43 per cent.

Irdai data showed that New India Assurance Company is the largest insurer with a market share of 13.09 per cent followed by ICICI Lombard General Insurance Company (8.67 per cent) and Bajaj Allianz General Insurance Company (7.69 per cent).

These top 3 insurers have a combined market share of 29.46 per cent with a growth rate of 18.45 per cent.

Irdai also said that eight insurers have more than 5 per cent market share of total non-life GDP YTD September 2023.

According to the Irdai data, up to September 2023 health insurance was the largest non-life segment followed by motor (total) and crop insurance.

It also showed that marine cargo, marine hull, crop insurance and liability (total) registered negative growth rate.

Fire, marine cargo, marine hull, motor third party, overseas medical insurance, crop insurance, credit insurance, liability (total) and all other miscellaneous segments had growth of less than the growth of respective segments for the similar period of the previous year.