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MUMBAI: For the first time, state-owned general insurers account for less than a third of the industry, with the larger private non-life companies consolidating their position and increasing market share. Public sector insurers saw their premium income decline by 1% during the year’s first five months. Compared to Rs 37,100 crore last year, their premium this year stood at Rs 34,203 crore. As a result, their market share dipped to 32.5% from 33.4% last year.
In another first, standalone health insurers’ market share rose to double digits at 10.4%. In the previous year, the share stood at 9.2%. According to industry players, premium growth is driven by health insurance.
General Insurance Council data shows that the non-life insurance sector grew by 11.7% in the five months ended August 2023, recording premium income of Rs 1.14 lakh crore compared to Rs 1.02 lakh crore in the year-ago period.
Although segment-wise data is yet to be released, standalone health insurance companies’ performance shows high growth in the segment.
In another first, standalone health insurers’ market share rose to double digits at 10.4%. In the previous year, the share stood at 9.2%. According to industry players, premium growth is driven by health insurance.
General Insurance Council data shows that the non-life insurance sector grew by 11.7% in the five months ended August 2023, recording premium income of Rs 1.14 lakh crore compared to Rs 1.02 lakh crore in the year-ago period.
Although segment-wise data is yet to be released, standalone health insurance companies’ performance shows high growth in the segment.
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