Gross direct premiums generated by Indian non-life insurers have crossed the INR1.5-trillion (US$22.95 billion) by 31 March this year, with the sector registering a growth of over 17%.
Data released by the IRDAI reveal that gross direct premium underwritten by non-life insurers reached INR1.507 trillion for the financial year ended 31 March 2018 (FY2018). This aggregage represents premiums generated by 25 general insurers, six stand alone health insurers and two specialised insurers (AIC and ECGC)
Growth in the non-life sector was largely fuelled by a surge in health and motor insurance, say industry players.
The private sector general insurers (excluding standalone health insurers) saw a higher rate of growth at 21.6% compared to the four public general insurers’ combined growth rate of 13%.
State-owned general insurers – National Insurance, New India Assurance, Oriental Insurance and United India – together underwrote gross direct premium of INR679.2 billion in FY2018.
In terms of market share, the public sector general insurers commanded a combined 45.07% share while private general insurers held 43.41%. The rest was held by standalone health insurers (5.50%) and specialised insurers (6.01%).
Government-run New India Assurance, which was publicly listed last year, continued to maintain its dominant position in the industry with a market share of 15.07%, while in the private sector, ICICI Lombard retained the top slot with a market share of 8.2%.