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Insurance

Personal normal insurers increase market share to 53.58% in H1'FY24

Personal normal insurers elevated their mixed market share to 53.58% in gross direct premium underwritten within the first half of the present monetary 12 months from 50.81% within the year-ago interval.

As many as 31 insurers from the non-life trade had underwritten gross direct premiums of 1.43 lakh crore within the first half of the present monetary 12 months, in line with information on segment-wise gross direct premiums as much as September 2023 launched by Insurance coverage Regulatory and Growth Authority of India (Irdai).

Personal insurers registered an annual improve of 14.86% in gross direct premiums.

The non-life trade had underwritten gross direct premium (GDP) of 1,25,194 crore within the April-September interval of 2022-23.

“Personal normal insurers have a mixed market share of 53.58% YTD September 2023 with a development price of 21.13% as in comparison with a market share of fifty.81% YTD September 2022 with a development price of 21.33%,” Irdai stated.

PSU normal insurers had a mixed market share of 31.99% throughout April-September, 2023 interval with a development price of 12.16% as in comparison with a market share of 32.76% within the corresponding interval of the final monetary 12 months, 2022 with a development price of 6.43%.

Irdai information confirmed that New India Assurance Firm is the most important insurer with a market share of 13.09% adopted by ICICI Lombard Normal Insurance coverage Firm (8.67%) and Bajaj Allianz Normal Insurance coverage Firm (7.69%).

These high 3 insurers have a mixed market share of 29.46% with a development price of 18.45%.

Irdai additionally stated that eight insurers have greater than 5% market share of whole non-life GDP YTD September 2023.

In accordance with the Irdai information, as much as September 2023 medical health insurance was the most important non-life phase adopted by motor (whole) and crop insurance coverage.

It additionally confirmed that marine cargo, marine hull, crop insurance coverage and legal responsibility (whole) registered unfavourable development price.

Hearth, marine cargo, marine hull, motor third occasion, abroad medical insurance coverage, crop insurance coverage, credit score insurance coverage, legal responsibility (whole) and all different miscellaneous segments had development of lower than the expansion of respective segments for the same interval of the earlier 12 months.

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Up to date: 26 Nov 2023, 10:49 PM IST

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