Uncertainties about merger weighing down on the mind of Public sector companies & aggressive approach adopted by the private non-life insurers is quite visible in the data released by the IRDA As per the overall data of gross direct premium income from April to December 2020, the total market share of the PSU companies is about 43.90 % only & even that is on the strength of agriculture portfolios which is said to be highly loss making verticals.
The cut in the motor-own damage portfolio is clearly visible as the market share of the PSU companies is has sharply come down to only 29%. The Pvt. Sector growth in motor OD is 9 % whereas the PSU’s have declined with – 15 %. And overall growth of the PVT & Public sector in motor department is 18% & -4% respectively. The combined growth of all the verticals also show that Pvt. Sector has grown at twice the rate of growth of PSU’s.
Gross premium of non-life insurers within India: UP TO Dec 2019
| Sl No. | Insurer | Insurer | Motor Own Damage | Motor Third Party | Motor (Total) | All departments |
| 1 | Acko | Current year | 49.68 | 113.90 | 163.59 | 279.09 |
| Previous year | 13.85 | 23.56 | 37.42 | 88.89 | ||
| Growth | 259% | 383% | 337% | 214% | ||
| 2 | Bajaj | Current year | 1614.69 | 2384.93 | 3999.62 | 10133.73 |
| Previous year | 1543.64 | 1964.29 | 3507.93 | 7665.39 | ||
| Growth | 5% | 21% | 14% | 32% | ||
| 3 | Bharti | Current year | 650.16 | 472.03 | 1122.20 | 2404.08 |
| Previous year | 480.03 | 318.75 | 798.78 | 1640.65 | ||
| Growth | 35% | 48% | 40% | 47% | ||
| 4 | Chola | Current year | 823.41 | 1600.46 | 2423.88 | 3272.55 |
| Previous year | 735.39 | 1356.92 | 2092.31 | 3169.00 | ||
| Growth | 12% | 18% | 16% | 3% | ||
| 5 | DHFL | Current year | 13.65 | 67.49 | 81.14 | 132.95 |
| Previous year | 0.28 | 4.08 | 4.36 | 209.44 | ||
| Growth | 4843% | 1553% | 1761% | -37% | ||
| 6 | Edelweiss | Current year | 27.11 | 13.61 | 40.72 | 91.44 |
| Previous year | 0.09 | 12.74 | 12.84 | 56.54 | ||
| Growth | 28541% | 7% | 217% | 62% | ||
| 7 | Future | Current year | 400.03 | 568.00 | 968.02 | 2405.72 |
| Previous year | 359.16 | 449.05 | 808.21 | 1745.44 | ||
| Growth | 11% | 26% | 20% | 38% | ||
| 8 | GoDigit | Current year | 360.24 | 1031.61 | 1391.85 | 1642.28 |
| Previous year | 147.76 | 354.84 | 502.59 | 529.34 | ||
| Growth | 144% | 191% | 177% | 210% | ||
| 9 | HDFCErgo | Current year | 1204.21 | 1255.70 | 2459.91 | 6944.73 |
| Previous year | 1189.73 | 941.68 | 2131.42 | 6540.07 | ||
| Growth | 1% | 33% | 15% | 6% | ||
| 10 | ICICI | Current year | 2733.47 | 2308.11 | 5041.58 | 10132.28 |
| Previous year | 2482.09 | 2120.80 | 4602.89 | 11003.30 | ||
| Growth | 10% | 9% | 10% | -8% | ||
| 11 | Iffco | Current year | 1215.08 | 1342.42 | 2557.49 | 6202.08 |
| Previous year | 1152.94 | 1176.63 | 2329.57 | 5158.23 | ||
| Growth | 5% | 14% | 10% | 20% | ||
| 12 | Kotak | Current year | 94.70 | 83.37 | 178.08 | 306.88 |
| Previous year | 74.24 | 68.38 | 142.62 | 207.57 | ||
| Growth | 28% | 22% | 25% | 48% | ||
| 13 | Liberty | Current year | 440.30 | 329.41 | 769.70 | 1125.23 |
| Previous year | 320.01 | 224.52 | 544.53 | 808.25 | ||
| Growth | 38% | 47% | 41% | 39% | ||
| 14 | Magma | Current year | 218.60 | 552.66 | 771.26 | 885.34 |
| Previous year | 151.15 | 368.13 | 519.28 | 624.22 | ||
| Growth | 45% | 50% | 49% | 42% | ||
| 15 | Raheja | Current year | 0.39 | 53.55 | 53.95 | 95.27 |
| Previous year | 0.22 | 45.87 | 46.09 | 74.44 | ||
| Growth | 81% | 17% | 17% | 28% | ||
| 16 | Reliance | Current year | 953.57 | 1526.65 | 2480.23 | 6016.04 |
| Previous year | 1012.75 | 1197.54 | 2210.29 | 4874.37 | ||
| Growth | -6% | 27% | 12% | 23% | ||
| 17 | Royal | Current year | 891.77 | 657.00 | 1548.77 | 2775.07 |
| Previous year | 936.83 | 626.40 | 1563.23 | 2436.42 | ||
| Growth | -5% | 5% | -1% | 14% | ||
| 18 | SBI | Current year | 532.95 | 356.42 | 889.37 | 4849.43 |
| Previous year | 454.35 | 234.14 | 688.49 | 3329.88 | ||
| Growth | 17% | 52% | 29% | 46% | ||
| 19 | Shriram | Current year | 403.22 | 1328.58 | 1731.80 | 1796.64 |
| Previous year | 404.12 | 1180.82 | 1584.94 | 1663.47 | ||
| Growth | 0% | 13% | 9% | 8% | ||
| 20 | TataAIG | Current year | 1344.33 | 1685.82 | 3030.15 | 5688.24 |
| Previous year | 1388.61 | 1359.62 | 2748.24 | 5673.54 | ||
| Growth | -3% | 24% | 10% | 0% | ||
| 21 | Universal | Current year | 270.01 | 293.79 | 563.80 | 2309.34 |
| Previous year | 222.22 | 247.99 | 470.21 | 2014.30 | ||
| Growth | 22% | 18% | 20% | 15% | ||
| Private Total | Current year | 14,241.59 | 18,025.51 | 32,267.10 | 69,488.41 | |
| Previous year | 13,069.47 | 14,276.75 | 27,346.22 | 59,512.75 | ||
| Growth | 9% | 26% | 18% | 17% | ||
| 0.22 | National | Current year | 1425.17 | 2825.14 | 4250.30 | 11055.60 |
| Previous year | 1910.00 | 2828.36 | 4738.36 | 10615.29 | ||
| Growth | -25% | 0% | -10% | 4% | ||
| 0.23 | NewIndia | Current year | 2105.23 | 4421.63 | 6526.86 | 20704.39 |
| Previous year | 2358.67 | 4313.09 | 6671.76 | 18102.44 | ||
| Growth | -11% | 3% | -2% | 14% | ||
| 0.24 | Oriental | Current year | 917.45 | 2201.92 | 3119.37 | 10076.10 |
| Previous year | 1113.02 | 2215.63 | 3328.65 | 9578.41 | ||
| Growth | -18% | -1% | -6% | 5% | ||
| 0.25 | United | Current year | 1229.51 | 3692.27 | 4921.78 | 12547.04 |
| Previous year | 1336.31 | 3533.46 | 4869.77 | 11402.34 | ||
| Growth | -8% | 4% | 1% | 10% | ||
| PSU Total | Current year | 5,677.35 | 13,140.95 | 18,818.31 | 54,383.12 | |
| Previous year | 6,718.00 | 12,890.54 | 19,608.54 | 49,698.47 | ||
| Growth | -15% | 2% | -4% | 9% | ||
| Motor Own Damage | Motor Third Party | Motor (Total) | All Departments | |||
| Private Total | Current year | 14,241.59 | 18,025.51 | 32,267.10 | 69,488.41 | |
| Previous year | 13,069.47 | 14,276.75 | 27,346.22 | 59,512.75 | ||
| Growth | 9% | 26% | 18% | 17% | ||
| PSU Total | Current year | 5,677.35 | 13,140.95 | 18,818.31 | 54,383.12 | |
| Previous year | 6,718.00 | 12,890.54 | 19,608.54 | 49,698.47 | ||
| Growth | -15% | 2% | -4% | 9% | ||
| PSU Mkt share | 28.5 % | 42.16 % | 36.83 % | 43.90 % | ||
|
PVT Mkt share |
71.5 % | 57.84 % | 63.17 % | 56.10 % |