Public sector insurers lose market share to merger plan delay: Irdai data

Three insurers are yet to appoint a merger consultant, while private rivals are cornering the market

Public sector general insurance firms are losing market share because of delayed merger plans and appointments. According to the latest data from the Insurance Regulatory and Development Authority of India (Irdai), four public sector general insurance companies had a market share of 44.64 per cent as of June 2018, compared to 49.65 per cent a year ago.

ICICI Lombard has cornered 10.1 per cent of the market share in terms of gross direct premium underwritten up to June, making it the second-largest insurer in the non-life space after New India Assurance. At the end of June last year, ICICI Lombard