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Due to Slow down in Automobile industry insurers are also  facing multiple challenges. Entire automobile sector was already facing a dip in 2019-2020 & now with spread of Kovid-19 & subsequent lock down, the people have postponed the purchase of new vehicle. Automobile sales constitute a major portion of the premiums, and hence the lock-down and virtual stoppage of business is impacting he non-life insurers in big way.

Motor OD premium data up-to the month of May-20 for non life insurers is available now. Almost all the public as well Pvt. insurers are in the red. Public sector total OD premium is 770 Cr. against the Pvt. sector’s 1829 Cr. Public sector market share in this segment is 29% as compared to the pvt sector share of 71% as on date..

 

Insurer up to may-20 upto may-19 % decline
Navi General * 1.25 3.92
Raheja QBE 5.54 0.02
Acko General 6.58 8.71
Edelweiss 7.38 0.46
Kotak Mahindra 14.43 16.32
Magma HDI 19.8 45.63
Go Digit 37.4 64.77
Liberty General 43.34 81.8
Universal Sompo 44.69 49.66
Bharti AXA 57.44 126.27
Shriram General 60.95 85.7
SBI General 62.2 93.32
Future Generali 68.56 89.17
Cholamandalam MS 103.89 184.47
Reliance General 111.86 250.9
Royal Sundaram 118.68 181.26
HDFC ERGO 147.01 258.71
IFFCO -Tokio 173.13 283.49
Bajaj Allianz 208.85 336.19
Tata-AIG 210.14 285.34
ICICI -Lombard 326.55 562.56
Total Pvt. Insurers 1829.67 3008.67 -39.18

 

Market share wise, public was having about 30.62% of motor OD market share up-to may-19 which has come down to 29% this year thus declining by another 1.5%.

Insurer up to may-20 upto may-19 % decline
New India 307.2 479.49 35.9
United India 170.85 287.11 40.77
Oriental 113.87 210.49 46.19
National 178.76 340.03 47.64
Total Public insurers 770.68 1317.12 41.48

Volume wise the pvt. player like ICICI, Tata-AIG & Bajaj are at No. 1,2 & 4 whereas the public sector players have slipped to No 2,5,7 & 10.

Volume wise standing of Non-life insurers in motor OD segment.

Insurer Upto-may 20 Upto May-19
ICICI -Lombard 326.55 562.56
New India 307.2 479.49
Tata-AIG 210.14 285.34
Bajaj Allianz 208.85 336.19
National Insurance 178.76 340.03
IFFCO -Tokio 173.13 283.49
United India 170.85 287.11
HDFC ERGO 147.01 258.71
Royal Sundaram 118.68 181.26
Oriental 113.87 210.49
Reliance General 111.86 250.9
Cholamandalam MS 103.89 184.47
Future Generali 68.56 89.17
SBI General 62.2 93.32
Shriram General 60.95 85.7
Bharti AXA 57.44 126.27
Universal Sompo 44.69 49.66
Liberty General 43.34 81.8
Go Digit 37.4 64.77
Magma HDI 19.8 45.63
Kotak Mahindra 14.43 16.32
Edelweiss 7.38 0.46
Acko General 6.58 8.71
Raheja QBE 5.54 0.02
Navi General * 1.25 3.92

 

Besides motor, most of the other departments are also showing downward trend.However some good surge in fire & health verticals have given some breathing space to non-life insurer.

Compiled by: JD Batta-Surveyor & Loss Assessor

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