Private general insurers in India have solidified their market standing, escalating their combined market share to 53.58% in gross direct premium underwritten during the first half of the current financial year, up from 50.81% in the same period last year. According to data released by the Insurance Regulatory and Development Authority of India (Irdai), 31 insurers in the non-life industry collectively underwrote gross direct premiums of Rs 1.43 lakh crore in the first half of the current fiscal year, marking a 14.86% annual increase.
Segment-Wise Insights
Health insurance emerged as the largest non-life segment up to September 2023, closely followed by motor (total) and crop insurance. Notably, private general insurers exhibited a robust growth rate of 21.13%, expanding their market share compared to the previous year. In contrast, PSU general insurers held a combined market share of 31.99%, experiencing a growth rate of 12.16%.
Top Insurers and Market Dynamics
The largest insurer in the landscape is the New India Assurance Company, commanding a market share of 13.09%, trailed by ICICI Lombard General Insurance Company (8.67%) and Bajaj Allianz General Insurance Company (7.69%). These top three insurers collectively hold a market share of 29.46%, showcasing a growth rate of 18.45%.
Segment-Wise Performance
While health insurance, motor (total), and crop insurance flourished, certain segments such as marine cargo, marine hull, crop insurance, and liability (total) experienced negative growth rates. Additionally, several segments, including fire, motor third party, overseas medical insurance, credit insurance, and others, recorded growth rates lower than those observed in the corresponding period of the previous year. The nuanced dynamics within these segments reflect the evolving landscape of the non-life insurance industry in India.
