Public sector premium shrinks to 32.27%

The four public sector general insurers, New India Assurance (NIA), United India Insurance, Oriental Insurance and National Insurance Company, with a total premium of Rs 82,895 crore (Rs 75,132 crore in FY22) have reported a cumulative market share of 32.27 per cent, down from 34.03 per cent in FY22.

However, private sector general insurers including five stand-alone health insurers (SAHIs) with a total premium of Rs 158,182 crore during the year ended March 2023 (Rs 130,420 crore in FY22) expanded the total market share to 61.56 per cent from 59.16 per cent in FY22, according to figures released by the General Insurance Council.

There is now a new ranking order emerging with two private sector general insurers entering into the top-four league of the industry by replacing public sector general insurers. In FY 23, the top four general insurers of the country were – New India Assurance (Rs 34,487 crore premium income with a growth of 6 per cent), ICICI Lombard General Insurance (Rs 21,000 crore premium, 17 per cent growth), United India Insurance (Rs 17,643 crore, 12.22 per cent), HDFC Ergo general insurance (16,635 crore, 23.25 per cent),