Motor OD premium
The motor OD premium figures for the year 2019-20 are available now & pvt. sector has grown by 6.46 % whereas public sector has declined at the rate of -12.70%. The effect of the slowdown in auto industry is clearly visible in the final figures of the year. Along with the insurers, the motor Insurance surveyors are also worried due to the steep fall during the year. Hereunder is the comparison table showing figures for the 2018-19 & 2019-20 as well as the growth rate of all the non-life insurers for the year 2019-20.
2018-19 & 2019-20 premium comparison for & up to the month of march 2020.
| No. | Insurer | For/ Up to the month | Motor (Total) | Motor Own Damage | Motor Third Party |
| 1 | Acko | For the month | 16.65 | 5.57 | 11.09 |
| 17.33 | 5.75 | 11.59 | |||
| -3.93% | -3.14% | -4.32% | |||
| Up to the month | 218.84 | 67.30 | 151.54 | ||
| 75.32 | 27.46 | 47.86 | |||
| 190.54% | 145.06% | 216.64% | |||
| 2 | Bajaj | For the month | 396.88 | 151.34 | 245.54 |
| 533.10 | 206.87 | 326.24 | |||
| -25.55% | -26.84% | -24.74% | |||
| Up to the month | 5230.52 | 2099.38 | 3131.14 | ||
| 4857.03 | 2102.83 | 2754.20 | |||
| 7.69% | -0.16% | 13.69% | |||
| 3 | Bharti | For the month | 105.41 | 63.52 | 41.88 |
| 125.20 | 70.51 | 54.70 | |||
| -15.81% | -9.90% | -23.43% | |||
| Up to the month | 1487.43 | 869.96 | 617.46 | ||
| 1143.00 | 678.29 | 464.71 | |||
| 30.13% | 28.26% | 32.87% | |||
| 4 | Chola | For the month | 269.88 | 84.97 | 184.91 |
| 358.22 | 115.55 | 242.67 | |||
| -24.66% | -26.47% | -23.80% | |||
| Up to the month | 3244.61 | 1088.57 | 2156.04 | ||
| 3001.05 | 1034.97 | 1966.08 | |||
| 8.12% | 5.18% | 9.66% | |||
| 5 | DHFL | For the month | 2.39 | 0.86 | 1.53 |
| 10.60 | 2.05 | 8.55 | |||
| -77.41% | -57.93% | -82.08% | |||
| Up to the month | 88.03 | 15.65 | 72.38 | ||
| 21.11 | 4.10 | 17.01 | |||
| 317.01% | 281.87% | 325.47% | |||
| 6 | Edelweiss | For the month | 8.09 | 5.61 | 2.48 |
| 4.16 | 0.02 | 4.14 | |||
| 94.52% | ####### | -40.01% | |||
| Up to the month | 76.44 | 51.55 | 24.90 | ||
| 26.90 | 0.16 | 26.74 | |||
| 184.20% | ####### | -6.89% | |||
| 7 | Future | For the month | 109.60 | 45.01 | 64.59 |
| 116.59 | 45.98 | 70.61 | |||
| -6.00% | -2.11% | -8.52% | |||
| Up to the month | 1355.03 | 556.23 | 798.80 | ||
| 1143.47 | 495.47 | 648.00 | |||
| 18.50% | 12.26% | 23.27% | |||
| 8 | GoDigit | For the month | 200.76 | 42.38 | 158.38 |
| 165.70 | 35.17 | 130.53 | |||
| 21.16% | 20.49% | 21.34% | |||
| Up to the month | 1907.98 | 487.61 | 1420.36 | ||
| 854.53 | 234.25 | 620.29 | |||
| 123.28% | 108.16% | 128.99% | |||
| 9 | HDFCErgo | For the month | 365.22 | 119.42 | 245.80 |
| 328.02 | 164.42 | 163.60 | |||
| 11.34% | -27.37% | 50.24% | |||
| Up to the month | 3388.07 | 1570.23 | 1817.85 | ||
| 3059.99 | 1635.12 | 1424.87 | |||
| 10.72% | -3.97% | 27.58% | |||
| 10 | ICICI | For the month | 543.46 | 287.29 | 256.16 |
| 651.49 | 326.33 | 325.15 | |||
| -16.58% | -11.96% | -21.22% | |||
| Up to the month | 6787.63 | 3688.78 | 3098.85 | ||
| 6423.53 | 3407.77 | 3015.76 | |||
| 5.67% | 8.25% | 2.76% | |||
| 11 | Iffco | For the month | 319.76 | 144.45 | 175.31 |
| 353.71 | 161.25 | 192.47 | |||
| -9.60% | -10.42% | -8.91% | |||
| Up to the month | 3526.71 | 1644.34 | 1882.36 | ||
| 3261.25 | 1594.93 | 1666.32 | |||
| 8.14% | 3.10% | 12.96% | |||
| 12 | Kotak | For the month | 23.62 | 11.92 | 11.70 |
| 19.24 | 10.12 | 9.12 | |||
| 22.77% | 17.75% | 28.34% | |||
| Up to the month | 249.79 | 133.46 | 116.32 | ||
| 197.60 | 103.61 | 93.99 | |||
| 26.41% | 28.82% | 23.76% | |||
| 13 | Liberty | For the month | 76.00 | 41.80 | 34.19 |
| 69.47 | 39.60 | 29.87 | |||
| 9.40% | 5.56% | 14.50% | |||
| Up to the month | 1046.89 | 596.74 | 450.15 | ||
| 754.70 | 440.37 | 314.33 | |||
| 38.72% | 35.51% | 43.21% | |||
| 14 | Magma | For the month | 76.35 | 20.82 | 55.53 |
| 89.89 | 26.98 | 62.91 | |||
| -15.07% | -22.84% | -11.74% | |||
| Up to the month | 1029.13 | 290.12 | 739.00 | ||
| 746.55 | 219.92 | 526.62 | |||
| 37.85% | 31.92% | 40.33% | |||
| 15 | Raheja | For the month | 22.41 | 3.81 | 18.60 |
| 14.95 | 0.04 | 14.91 | |||
| 49.94% | ####### | 24.74% | |||
| Up to the month | 103.75 | 8.11 | 95.64 | ||
| 76.96 | 0.28 | 76.68 | |||
| 34.81% | ####### | 24.73% | |||
| 16 | Reliance | For the month | 130.39 | 66.31 | 64.09 |
| 167.54 | 86.02 | 81.52 | |||
| -22.17% | -22.91% | -21.39% | |||
| Up to the month | 3109.23 | 1209.47 | 1899.76 | ||
| 2856.74 | 1314.35 | 1542.40 | |||
| 8.84% | -7.98% | 23.17% | |||
| 17 | Royal | For the month | 180.58 | 93.14 | 87.44 |
| 195.70 | 112.63 | 83.07 | |||
| -7.72% | -17.30% | 5.26% | |||
| Up to the month | 2081.71 | 1166.14 | 915.57 | ||
| 2075.87 | 1230.18 | 845.70 | |||
| 0.28% | -5.21% | 8.26% | |||
| 18 | SBI | For the month | 144.80 | 51.26 | 93.54 |
| 94.45 | 59.38 | 35.07 | |||
| 53.31% | -13.68% | 166.72% | |||
| Up to the month | 1568.53 | 753.05 | 815.49 | ||
| 916.10 | 599.74 | 316.36 | |||
| 71.22% | 25.56% | 157.77% | |||
| 19 | Shriram | For the month | 240.90 | 52.67 | 188.23 |
| 274.73 | 69.64 | 205.09 | |||
| -12.32% | -24.38% | -8.22% | |||
| Up to the month | 2381.56 | 546.73 | 1834.83 | ||
| 2252.45 | 574.64 | 1677.81 | |||
| 5.73% | -4.86% | 9.36% | |||
| 20 | TataAIG | For the month | 355.08 | 162.77 | 192.31 |
| 383.67 | 176.06 | 207.61 | |||
| -7.45% | -7.55% | -7.37% | |||
| Up to the month | 4037.15 | 1808.89 | 2228.26 | ||
| 3791.33 | 1873.04 | 1918.29 | |||
| 6.48% | -3.43% | 16.16% | |||
| 21 | Universal | For the month | 98.66 | 38.88 | 59.77 |
| 58.77 | 28.10 | 30.67 | |||
| 67.87% | 38.36% | 94.92% | |||
| Up to the month | 881.59 | 395.22 | 486.37 | ||
| 699.36 | 319.90 | 379.46 | |||
| 26.06% | 23.55% | 28.17% | |||
| Private General Insurer Total | For the month | 3686.88 | 1493.81 | 2193.07 | |
| 4032.52 | 1742.46 | 2290.06 | |||
| -8.57% | -14.27% | -4.24% | |||
| Up to the month | 43800.61 | 19047.53 | 24753.08 | ||
| 38234.85 | 17891.39 | 20343.46 | |||
| 14.56% | 6.46% | 21.68% | |||
| Private Insurer Total | For the month | 3686.88 | 1493.81 | 2193.07 | |
| 4032.52 | 1742.46 | 2290.06 | |||
| -8.57% | -14.27% | -4.24% | |||
| Up to the month | 43800.61 | 19047.53 | 24753.08 | ||
| 38234.85 | 17891.39 | 20343.46 | |||
| 14.56% | 6.46% | 21.68% | |||
| 29 | National | For the month | 448.20 | 139.51 | 308.69 |
| 100.78 | -52.59 | 153.37 | |||
| 344.73% | -365.30% | 101.28% | |||
| Up to the month | 5737.29 | 1893.53 | 3843.76 | ||
| 6164.28 | 2284.58 | 3879.70 | |||
| -6.93% | -17.12% | -0.93% | |||
| 30 | NewIndia | For the month | 762.04 | 214.20 | 547.84 |
| 907.98 | 265.88 | 642.10 | |||
| -16.07% | -19.44% | -14.68% | |||
| Up to the month | 8923.86 | 2788.43 | 6135.43 | ||
| 8846.68 | 3015.80 | 5830.88 | |||
| 0.87% | -7.54% | 5.22% | |||
| 31 | Oriental | For the month | 333.51 | 85.04 | 248.47 |
| 459.52 | 136.23 | 323.29 | |||
| -27.42% | -37.57% | -23.14% | |||
| Up to the month | 4203.31 | 1201.86 | 3001.45 | ||
| 4535.18 | 1477.49 | 3057.69 | |||
| -7.32% | -18.66% | -1.84% | |||
| 32 | United | For the month | 496.23 | 119.46 | 376.77 |
| 706.75 | 177.42 | 529.33 | |||
| -29.79% | -32.67% | -28.82% | |||
| Up to the month | 6543.08 | 1621.19 | 4921.89 | ||
| 6742.23 | 1818.58 | 4923.65 | |||
| -2.95% | -10.85% | -0.04% | |||
| PSU General Insurer Total | For the month | 2039.98 | 558.22 | 1481.77 | |
| 2175.03 | 526.94 | 1648.09 | |||
| -6.21% | 5.93% | -10.09% | |||
| Up to the month | 25407.54 | 7505.01 | 17902.53 | ||
| 26288.37 | 8596.45 | 17691.92 | |||
| -3.35% | -12.70% | 1.19% | |||
Summery of Motor OD premium for the year 2019-20
Private sector Motor premium & growth %
| 2018-19 2019-20 Growth % | 43800.61 | 19047.53 | 24753.08 |
| 38234.85 | 17891.39 | 20343.46 | |
| 14.56% | 6.46% | 21.68% |
Public sector Motor premium & growth %
| 2018-19 2019-20 Growth % | 25407.54 | 7505.01 | 17902.53 |
| 26288.37 | 8596.45 | 17691.92 | |
| -3.35% | -12.70% | 1.19% |
Total industry Motor premium & growth %
| 2018-19 2019-20 Growth % | 69208.15 | 26552.53 | 42655.62 |
| 64523.22 | 26487.84 | 38035.38 | |
| 7.26% | 0.24% | 12.15% |
Slow down in economy as well as in automobile sector has affected the whole of the insurance sector. Even in private sector, the slow down affect is clearly visible & most of the co’s have come up with disappointing figures. Only SBI & go digit are the star performers adding around 8/9 hindered Cr of the motor premium. In public sector, the oriental insurance has biggest decline of over 18% & new India has come up with some what manageable figure of minus 7% in motor OD premium.
Complied by:
J.D.Batta-Surveyor & Loss assessor
Admin: Claim Hub, Chandigarh