Active Stocks
Fri Mar 01 2024 12:09:50
  1. Tata Steel share price
  2. 147.15 4.44%
  1. Tata Motors share price
  2. 974.65 2.51%
  1. ITC share price
  2. 411.95 1.34%
  1. Wipro share price
  2. 518.25 -0.17%
  1. State Bank Of India share price
  2. 756.15 0.91%
Business News/ Insurance / News/  Private general insurers expand market share to 53.58% in H1'FY24
BackBack

Private general insurers expand market share to 53.58% in H1'FY24

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

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

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

As many as 31 insurers from the non-life industry had underwritten gross direct premiums of 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% in gross direct premiums.

Also Read | Israeli PM Netanyahu visits Gaza for first time since war began, tells Israeli troops 'nothing will stop us'

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

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

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

Also Read | Plan to plug logistics gaps in tomato, onion, potato

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

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

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

Also Read | Bankrupt firms fetch only a fifth of their value after 3 years: IBBI

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 26 Nov 2023, 10:22 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App