The general insurance segment has reported a 15.34 per cent growth during the six-month period ended September 2022 with the gross premium underwritten rising to Rs 125,195.85 crore from Rs 108,575.34 crore in the same period of last year.
According to figures released by the General Insurance Council, health insurance clocked a 26.73 per cent growth in premium underwritten at Rs 11,661 crore during the six-month period as against 9,202 crore in the same period of last year.
However, unlike LIC, public sector general insurance firms posted a flat growth with three of them reporting a fall in market share during the period. New India Assurance Company (NIA) posted just 2.88 per cent growth in premium underwritten at Rs 17,373 crore from Rs 16,887 crore a year ago. Its market share also came down to 13.88 per cent from 15.55 per cent.
In fact, National Insurance Company and Oriental Insurance (OIC) also reported a decline in market share during the six-month period. United India Insurance managed to maintain the market share at 7.02 per cent.
Among private players, ICICI Lombard clocked a 22.55 per cent rise in gross premium underwritten to Rs 10,555 crore from Rs 8,612 crore a year ago. The company’s market share increased to 8.43 per cent from 7.93 per cent. HDFC Ergo reported a 22.63 per cent in premium underwritten to Rs 8,002 crore from Rs 6,525 crore in the same period a year ago.
Meanwhile, during the month of September 2022, NIA posted a 15.01 per cent fall in premium underwritten and OIC’s premium income declined by 11.90 per cent.
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