As seen in the banking industry in the fiscal year 2022–2023 (FY23), private general insurance businesses have taken some market share away from public sector firms.
With a combined premium of Rs 82,895 crore (down from Rs 75,132 crore in FY22), the four public sector general insurers—New India Assurance (NIA), United India Insurance, Oriental Insurance, and National Insurance Company—reported a market share of 32.27 percent, down from 34.03 percent in FY22.
However, private sector general insurers, comprising five stand-alone health insurers (SAHIs), increased the total market share to 61.56 percent from 59.16 percent in FY22 with premiums totaling Rs 158,182 crore during the year ending March 2023 (Rs 130,420 crore in FY22).
A new ranking order is now taking shape, with two private general insurers replacing public general insurers in the top five league in the industry. In FY 23, the top five general insurers of the country were - New India Assurance (Rs 34,487 crore premium income with a growth of 6 per cent), ICICI Lombard General Insurance (Rs 21,000 crore premium, 17 per cent growth), United India Insurance (Rs 17,643 crore, 12.22 per cent), HDFC Ergo general insurance (16,635 crore, 23.25 per cent), Oriental Insurance Company (Rs 15,609 crore, 14 per cent). "In FY23, the market share of the four public sector general insurers fell below 33% for the first time. However, there is still room because the market has grown.
The regulator should intervene to stop corrupt practises such cash distribution and unauthorised commissions of brokers, agents, and businesses for the healthy development of the industry, according to the official who wished to remain anonymous. According to data issued by the General Insurance Council, the general insurance sector in India, which is led by state-owned NIA, increased its gross premium year over year (y-o-y) growth by 16.41% to end the FY23 with a record premium of about Rs 2.57 lakh crore. With the predicted increase in per capita and disposable income levels, the health insurance market is on track to surpass the Rs 1 lakh crore mark in FY24. This growth is being fueled by the popularity of health insurance products and programmes.
According to data supplied by the General Insurance Council, the health insurance portfolio generated over Rs 90,667 crore, representing growth of 23.19%, compared to the motor portfolio, which earned a premium of Rs 81,291 crore, up 15% in FY 2022–23. In the fiscal year 2022–2023, the total premium for non-life insurance amounts to more than 35%.
Comments