Private insurers gain market share in H1 (2024)

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Private insurers gain market share in H1

ET BureauLast Updated: Nov 23, 2023, 11:53:00 PM IST

Synopsis

Meanwhile, private insurers grew the combined market share to 53.58% up from 50.81%, with a growth rate of 21.13%.

Private insurers gain market share in H1 (2)

Public sector general insurance companies continued to lose market share to private sector peers in the first half of the current financial year. In the first half, general insurance industry grew 14.86% to ₹1,43,802 crore. The public sector companies had a combined market share of 31.99% down from 32.76%, growing at 12.16%.

Meanwhile, private insurers grew the combined market share to 53.58% up from 50.81%, with a growth rate of 21.13%.

Among the business segments, health insurance emerged as a leading segment for general insurance companies in the first-half contributing 37.57% to the total premium income.

Out of 31 insurers, 29 participated in the health insurance business during the period, and three reported negative growth. Among the top insurers in the health segment, New India Assurance has the largest market share of 17.83%, followed by Star Health with 12.18% and Oriental with 8.07%.

Motor segment was the second largest segment and it accounted for 28.40% of the total general insurers' premium. New India, ICICI Lombard General Insurance, and Tata AIG emerged as the top insurers in this segment, holding a market share of 29.33%, growing 15.65%. PSU General Insurers maintained a combined market share of 28.71%, growing 15.64%. Overall, NewIndia is the largest insurer with market share of 13.09% followed by ICICI Lombard at 8.67% and Bajaj Allianz General Insurance at 7.69%. While stand-alone health insurers grew at 25.25% and reached a combined market share of 10.16%, the specialised insurers reported decline of 31% with combined market share of 4.28%.

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Private insurers gain market share in H1 (2024)

The Economic Times daily newspaper is available online now.

Meanwhile, private insurers grew the combined market share to 53.58% up from 50.81%, with a growth rate of 21.13%.

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