What’s the point of insurance if you don’t use it?’
After Kovid-19 impact in first qtr. Of 2020, non-life insurance industry is stabilizing & recovering a little. The fire & health verticals are showing good growth but the main cause of concern for the insurers is sharp decline in the motor segment which is pulling down the overall growth for the Pvt. as well as the public sector non-life insurers. Declining premium is impacting the auto dealers as well as the motor surveyors who are solely dependent over the motor segment insurance claims. Although The number motor claims being reported with the insurers are about 60% of the pre-covid figures but ICR has not come down in proportion. Since the motor surveyor & loss assessors are mainly dependent on the public sector insurers for their livelihood, declining growth of public sector in motor-OD segment is great cause of concern for them.
Motor OD premium figures up to July-20
| Insurers | Motor OD |
| Cr. | |
| Acko General | 16.30 |
| Previous Year | 18.01 |
| Bajaj Allianz | 492.80 |
| Previous year | 668.98 |
| Bharti AXA | 168.39 |
| Previous year | 252.74 |
| Cholamandalam MS | 259.04 |
| Previous year | 371.63 |
| Navi General * | 4.24 |
| Previous year | 8.01 |
| Edelweiss | 15.57 |
| Previous year | 2.94 |
| Future Generali | 165.57 |
| Previous year | 165.82 |
| Go Digit | 111.17 |
| Previous year | 129.19 |
| HDFC ERGO | 367.67 |
| Previous year | 504.05 |
| ICICI -Lombard | 868.66 |
| Previous year | 1067.20 |
| IFFCO -Tokio | 453.87 |
| Previous year | 564.99 |
| Kotak Mahindra | 38.33 |
| Previous year | 35.02 |
| Liberty General | 127.12 |
| Previous year | 169.90 |
| Magma HDI | 62.05 |
| Previous year | 90.37 |
| National | 436.14 |
| Previous year | 633.75 |
| New India | 748.75 |
| Previous year | 929.62 |
| Oriental | 277.03 |
| Previous year | 405.54 |
| Raheja QBE | 19.06 |
| Previous year | 0.10 |
| Reliance General | 298.87 |
| Previous year | 460.17 |
| Royal Sundaram | 274.31 |
| Previous year | 369.07 |
| SBI General | 170.15 |
| Previous year | 185.31 |
| Shriram General | 143.86 |
| Previous year | 173.83 |
| Tata-AIG | 514.71 |
| Previous year | 566.24 |
| United India | 412.16 |
| Previous year | 549.21 |
| Universal Sompo | 122.06 |
| Previous year | 101.69 |
| General Insurers Sub Total | 6567.88 |
| Previous Year Sub Total | 8423.38 |
| % Growth | -22.0% |
ICICI Lombard is at the top of the table in motor OD premium collection for the Apr-July period.There are four Pvt. sector companies in the top five list.
Sr. wise figures of non-life insurerer for Motor_OD up to July 20
| Insurers | Motor OD |
| Cr. | |
| ICICI -Lombard | 868.66 |
| New India | 748.75 |
| Tata-AIG | 514.71 |
| Bajaj Allianz | 492.80 |
| IFFCO -Tokio | 453.87 |
| National | 436.14 |
| United India | 412.16 |
| HDFC ERGO | 367.67 |
| Reliance General | 298.87 |
| Oriental | 277.03 |
| Royal Sundaram | 274.31 |
| Cholamandalam MS | 259.04 |
| SBI General | 170.15 |
| Bharti AXA | 168.39 |
| Future Generali | 165.57 |
| Shriram General | 143.86 |
| Liberty General | 127.12 |
| Universal Sompo | 122.06 |
| Go Digit | 111.17 |
| Magma HDI | 62.05 |
| Kotak Mahindra | 38.33 |
| Raheja QBE | 19.06 |
| Acko General | 16.30 |
| Edelweiss | 15.57 |
| Navi General * | 4.24 |
Public sector premium, growth & market share in motor-OD
| Public sector Insurers | up to Jul 20 | Growth | Mkt. Share |
| United India | 412.16 | -25% | 6.27% |
| Previous year | 549.21 | ||
| National | 436.14 | -31% | 6.64% |
| Previous year | 633.75 | ||
| New India | 748.75 | -19% | 11.41% |
| Previous year | 929.62 | ||
| Oriental | 277.03 | -32% | 4.21% |
| Previous year | 405.54 |
Decline for the Pvt. sector is 20.51% whereas for the Public sector it is 25.47% for the given period
Motor-OD Comparative Chart
| Insurer | upto july 20 | Growth | Mkt. share |
| Pvt sector Motor-OD | 4693.8 | -20.51 | 71.45% |
| Public Total Motor-OD | 1874.08 | -25.47 | 28.55% |
J.D.Batta, surveyor & loss assessor
Admin: Claim Hub, Chandigarh