General insurance sector witnesses strong growth YoY
Health, motor segments lead
Health, motor segments lead
Health, motor segments lead
Health, motor segments lead
Led by health and motor insurance segments, the general insurance segment in India witnessed strong growth. In March 2023, the gross written premium (GWP) for the general insurance industry in India grew 12 per cent Year on Year (YoY) to Rs 243 billion.
As per a report by Motilal Oswal, the growth was led by the health insurance segment (up 17 per cent YoY) and fire (up 21 per cent YoY) segments. The motor segment continued to register a healthy growth of 14.2 per cent YoY whereas the crop segment declined 8.1 per cent YoY.
As per the report, private multi-line players reported GWP of Rs 34.3 billion in March 2023, up 22 per cent YoY. Meanwhile, PSU players reported 4 per cent YoY growth to Rs 71.5 billion, lower than the industry growth. The report observed that ICICI General Insurance grew 7 per cent YoY in March 2023, lower than the industry growth, and STAR Health's GWP growth was the same as that of the industry at 12 per cent YoY. Players such as Bajaj Allianz and New India reported GWP growth of 11 per cent YoY each, a tad below industry growth.
As per the Motilal report, the health insurance business grew 17 per cent YoY, with retail and group health segment growing 16 and 15 per cent respectively. In March 2023, private players reported 7 per cent YoY growth in health insurance premiums, lower than the overall health industry growth. However, the overseas health segment grew 25 per cent YoY.
CARE and Niva Bupa (erstwhile Max Bupa) outperformed peers in the retail health segment, whereas Aditya Birla outperformed its peers in the group health business.
Within the retail health segment, STAR Health grew 12 per cent YoY. PSU multi-line players posted flat premium growth in the retail health and group health segments.
The motor segment, meanwhile, clocked healthy growth of 14 per cent as the business grew 14 per cent YoY, led by growth in the Motor OD (Own Damage) segment (up 19 per cent YoY). PSU players outperformed private multi-line players in the Motor OD segment but underperformed in the Motor TP (Third Party) segment.
ICICI Lombard underperformed peers in the Motor OD (-6 percent YoY) and Motor TP ( 9 percent YoY) segments. Acko General posted strong growth of 26 per cent and 46 per cent in the Motor TP and the Motor OD segments respectively. Go Digit also registered strong growth in the Motor TP/ Motor OD segments.
For the FY 2023, private multi-line players gained 165bp market share while public players lost 176bp. ICICI Lombard reported a growth of 17 per cent YoY, Bajaj Allianz posted a growth of 12 per cent YoY, New India recorded a growth of 6 per cent YoY while STAR Health registered a growth of 13 per cent YoY.
As per a report by Motilal Oswal, the growth was led by the health insurance segment (up 17 per cent YoY) and fire (up 21 per cent YoY) segments. The motor segment continued to register a healthy growth of 14.2 per cent YoY whereas the crop segment declined 8.1 per cent YoY.
As per the report, private multi-line players reported GWP of Rs 34.3 billion in March 2023, up 22 per cent YoY. Meanwhile, PSU players reported 4 per cent YoY growth to Rs 71.5 billion, lower than the industry growth. The report observed that ICICI General Insurance grew 7 per cent YoY in March 2023, lower than the industry growth, and STAR Health's GWP growth was the same as that of the industry at 12 per cent YoY. Players such as Bajaj Allianz and New India reported GWP growth of 11 per cent YoY each, a tad below industry growth.
As per the Motilal report, the health insurance business grew 17 per cent YoY, with retail and group health segment growing 16 and 15 per cent respectively. In March 2023, private players reported 7 per cent YoY growth in health insurance premiums, lower than the overall health industry growth. However, the overseas health segment grew 25 per cent YoY.
CARE and Niva Bupa (erstwhile Max Bupa) outperformed peers in the retail health segment, whereas Aditya Birla outperformed its peers in the group health business.
Within the retail health segment, STAR Health grew 12 per cent YoY. PSU multi-line players posted flat premium growth in the retail health and group health segments.
The motor segment, meanwhile, clocked healthy growth of 14 per cent as the business grew 14 per cent YoY, led by growth in the Motor OD (Own Damage) segment (up 19 per cent YoY). PSU players outperformed private multi-line players in the Motor OD segment but underperformed in the Motor TP (Third Party) segment.
ICICI Lombard underperformed peers in the Motor OD (-6 percent YoY) and Motor TP ( 9 percent YoY) segments. Acko General posted strong growth of 26 per cent and 46 per cent in the Motor TP and the Motor OD segments respectively. Go Digit also registered strong growth in the Motor TP/ Motor OD segments.
For the FY 2023, private multi-line players gained 165bp market share while public players lost 176bp. ICICI Lombard reported a growth of 17 per cent YoY, Bajaj Allianz posted a growth of 12 per cent YoY, New India recorded a growth of 6 per cent YoY while STAR Health registered a growth of 13 per cent YoY.