Month on month, the private sector non-life insurance co’s are growing at a fast pace. The data available up to the month of May, 2019 show that the share of public sector insurance co’s is declining. Leaving aside the New India Assurance co. Ltd, which has premium growth rate of about 15% till may, the growth rate of united India & oriental insurance has fallen below 10% whereas the national insurance co. ltd. has gone into the negative territory showing decline of 9%.
In comparison all the mid size private insurers are growing at the double digit rate. The growth rate of Bajaj allianz, Iffco tokio, Tata-aig & reliance general insurance is 15%. 36%, 26% & 17% respectively. Some smaller co’s like Bharti-axa, Sbi general & universal sompo also have shown good growth numbers of 62%, 22% & 31% respectively.
The Govt. is planning to merge the three public sector general insurance co’s namely united india insurance, national insurance & oriental insurance co’s into one unit & that could be the reason for public sector insurers loosing focus on the business growth.