Word public vs private
Market share of public sector non-life insurance companies for the year 2021-22 has gone down drastically. From around 42% in year 20-21, it has come down to 34% only. While New India Assurance & Oriental insurance have shown grown of 14% &10% respectively whereas the united India & National insurance have declined by 5.17% & 7.89%. Overall the public sector grew by 4.55% whereas the growth of Pvt sector insurers Stands at 11.89% at the end of the year 2021-22.
Hereunder is the Premium wise & growth wise charts of Private& public sector Non-life insurers:
Premium wise Ranking of Non-life insurers 2021-22
| Insurer | 21-22 | 20-21 | Mkt.share | % Growth |
| The New India Assurance Company Limited | 32,569.49 | 28,548.48 | 14.76 | 14.08 |
| ICICI Lombard General Insurance Company Limited | 17,976.86 | 14,003.09 | 8.15 | 28.38 |
| United India Insurance Company Limited | 15,720.91 | 16,704.70 | 7.13 | (5.89) |
| The Oriental Insurance Company Limited | 13,700.73 | 12,449.71 | 6.21 | 10.05 |
| Bajaj Allianz General Insurance Company Limited | 13,688.59 | 12,569.53 | 6.20 | 8.90 |
| HDFC Ergo General insurance Company Limited | 13,497.55 | 12,295.10 | 6.12 | 9.78 |
| National Insurance Company Limited | 13,126.46 | 14,140.83 | 5.95 | (7.17) |
| Tata AIG General Insurance Company Limited | 9,922.53 | 8,042.06 | 4.50 | 23.38 |
| Reliance General Insurance Company Limited | 9,408.96 | 8,310.28 | 4.26 | 13.22 |
| SBI General Insurance Company Limited | 9,166.22 | 8,264.86 | 4.15 | 10.91 |
| IFFCO Tokio General Insurance Company Limited | 8,452.91 | 8,410.88 | 3.83 | 0.50 |
| Cholamandalam MS General Insurance Company Limited | 4,828.00 | 4,388.21 | 2.19 | 10.02 |
| Go Digit General Insurance Limited | 4,673.94 | 2,417.62 | 2.12 | 93.33 |
| Future Generali India Insurance Company Limited | 4,137.98 | 3,835.23 | 1.88 | 7.89 |
| Universal Sompo General Insurance Company Limited | 3,467.81 | 3,052.16 | 1.57 | 13.62 |
| Royal Sundaram General Insurance Company Limited | 2,866.54 | 2,822.28 | 1.30 | 1.57 |
| Magma HDI General Insurance Company Limited | 1,757.17 | 1,283.59 | 0.80 | 36.89 |
| Shriram General Insurance Company Limited | 1,752.95 | 2,138.88 | 0.79 | (18.04) |
| Liberty General Insurance Limited | 1,506.45 | 1,445.71 | 0.68 | 4.20 |
| Acko General Insurance Limited | 979.37 | 422.39 | 0.44 | 131.87 |
| Kotak Mahindra General Insurance Company Limited | 742.47 | 543.99 | 0.34 | 36.49 |
| Raheja QBE General Insurance Company Limited | 375.83 | 272.22 | 0.17 | 38.06 |
| Edelweiss General Insurance Company Limited | 348.88 | 218.57 | 0.16 | 59.62 |
| NAVI General Insurance Limited | 106.57 | 104.40 | 0.05 | 2.08 |
| Bharti AXA General Insurance Company Limited # | NA | 3,159.90 | NA | NA |
| Total PVT | 109657.58 | 98,000.96 | 65.95 | 11.89 |
| Total Public sector | 75117.59 | 71,843.72 | 34.05 | 4.55
|
Growth wise Ranking of non-life insurers 2021-22
| Insurer | Premium 21-22 | Premium 20-21 | % Growth |
| Acko General Insurance Limited | 979.37 | 422.39 | 131.87 |
| Bharti AXA General Insurance Company Limited # | NA | 3,159.90 | NA |
| Go Digit General Insurance Limited | 4,673.94 | 2,417.62 | 93.33 |
| Edelweiss General Insurance Company Limited | 348.88 | 218.57 | 59.62 |
| Raheja QBE General Insurance Company Limited | 375.83 | 272.22 | 38.06 |
| Magma HDI General Insurance Company Limited | 1,757.17 | 1,283.59 | 36.89 |
| Kotak Mahindra General Insurance Company Limited | 742.47 | 543.99 | 36.49 |
| ICICI Lombard General Insurance Company Limited | 17,976.86 | 14,003.09 | 28.38 |
| Tata AIG General Insurance Company Limited | 9,922.53 | 8,042.06 | 23.38 |
| The New India Assurance Company Limited | 32,569.49 | 28,548.48 | 14.08 |
| Universal Sompo General Insurance Company Limited | 3,467.81 | 3,052.16 | 13.62 |
| Reliance General Insurance Company Limited | 9,408.96 | 8,310.28 | 13.22 |
| SBI General Insurance Company Limited | 9,166.22 | 8,264.86 | 10.91 |
| The Oriental Insurance Company Limited | 13,700.73 | 12,449.71 | 10.05 |
| Cholamandalam MS General Insurance Company Limited | 4,828.00 | 4,388.21 | 10.02 |
| HDFC Ergo General insurance Company Limited | 13,497.55 | 12,295.10 | 9.78 |
| Bajaj Allianz General Insurance Company Limited | 13,688.59 | 12,569.53 | 8.90 |
| Future Generali India Insurance Company Limited | 4,137.98 | 3,835.23 | 7.89 |
| Liberty General Insurance Limited | 1,506.45 | 1,445.71 | 4.20 |
| NAVI General Insurance Limited | 106.57 | 104.40 | 2.08 |
| Royal Sundaram General Insurance Company Limited | 2,866.54 | 2,822.28 | 1.57 |
| IFFCO Tokio General Insurance Company Limited | 8,452.91 | 8,410.88 | 0.50 |
| United India Insurance Company Limited | 15,720.91 | 16,704.70 | (5.89) |
| National Insurance Company Limited | 13,126.46 | 14,140.83 | (7.17) |
| Shriram General Insurance Company Limited | 1,752.95 | 2,138.88 | (18.04) |
| Pvt Growth | 11.89 | ||
| PublicGrowth | 4.55 |
Go digit insurance co. in the pvt sector remained the star performer with premium increment of 2256 Cr & growth of 93%. Other star performers in the Pvt sector are ICICI Lombard & Tata AIG with growth rate of 28% & 23% respectively.