News and Updates

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

 

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