Half yearly business data for general insurance co’s is available. And going through the table you will observe that Pvt sector is growing by leap & bounds whereas the public sector insurance co’s are going down the ladder. United India, National insurance & Oriental insurance are having 9.7%, 4.62% & 5.29% growth against the industry average about 15% up to Octoober 2019 . Only New India Assurance is competing with the pvt sector whose growth rate stands at 14.5%.
Out of total 25 no’s of general insurers united India stands at 20th spot whereas Oriental & National have picked up 23rd & 24th spot respectively. As per the available figures, 13 no’s of pvt insurers have achieved above 25% growth.
Newly born technology based companies like “Acko” & “Go digit” have grown by 279% & 241% respectively in the first half of the year 2019-2020. The mid sized company “SBI General” has grown with 45% whereas the Bajaj Allianz has also grown at astonishing speed of 36.5%.
The premium income of PSU insurers from April to Oct 2019 has gone up from 38810 Cr. To 41441 cr. I.e. Meagre increase of 2601 Cr. Whereas the Pvt. Sector has gone up from 45390 Cr. To 55665 Cr. So % wise the Pvt. Sector has grown with 22.63% as compared to the public sector growth of mere 6.7%. Even the ICR (Incurred claim Ratio) of the the Pvt. Sector insurers is much better than the PSU companies.
The reason for the below par performance of the public sector insurers is their reluctance for use of new technology & shun the outdated traditions.
Half yearly % growth wise table for the year 19-20 ( Amount In Cr.)
Insurer Oct 19-20 Oct 18-19 upto oct-19 upto oct-18 Mkt. Share Growth %
| Acko General Insurance Limited | 50.7 | 34.1 | 216.18 | 57.04 | 0.19 | 279 |
| Go Digit General Insurance Limited | 222 | 82.7 | 1216.1 | 356.3 | 1.09 | 241 |
| Edelweiss General Insurance Company Limited | 14.5 | 7.19 | 65.97 | 37.43 | 0.06 | 76.2 |
| Kotak Mahindra General Insurance Company Ltd | 42.8 | 27.6 | 225.53 | 149.97 | 0.2 | 50.4 |
| Magma HDI General Insurance Company Limited | 125 | 87.8 | 679.3 | 458.62 | 0.61 | 48.1 |
| SBI General Insurance Company Limited | 650 | 521 | 3764.1 | 2585.1 | 3.38 | 45.6 |
| Bharti AXA General Insurance Company Limited | 365 | 265 | 1935.7 | 1333.6 | 1.74 | 45.2 |
| Universal Sompo General Insurance Company | 239 | 193 | 1430.3 | 1000.4 | 1.28 | 43 |
| Liberty General Insurance Limited | 168 | 109 | 878.79 | 630.24 | 0.79 | 39.4 |
| Bajaj Allianz General Insurance Company Ltd | 1002 | 798 | 8088.5 | 5923.8 | 7.26 | 36.5 |
| Future Generali India Insurance Company Ltd | 366 | 230 | 1790.2 | 1384 | 1.61 | 29.3 |
| IFFCO Tokio General Insurance Company Ltd | 718 | 431 | 4897.7 | 3909.2 | 4.39 | 25.3 |
| Raheja QBE General Insurance Company Ltd | 11.4 | 7.71 | 71.694 | 57.69 | 0.06 | 24.3 |
| Reliance General Insurance Company Limited | 552 | 468 | 4997.1 | 4037.3 | 4.48 | 23.8 |
| The New India Assurance Company Limited | 2510 | 2256 | 16054 | 14018 | 14.4 | 14.5 |
| HDFC Ergo General insurance Company Limited | 667 | 799 | 5717.7 | 5003.3 | 5.13 | 14.3 |
| Tata AIG General Insurance Company Limited | 606 | 745 | 4567.8 | 4014.6 | 4.1 | 13.8 |
| Royal Sundaram General Insurance Company | 385 | 241 | 2178.9 | 1973 | 1.95 | 10.4 |
| United India Insurance Company Limited | 1658 | 1546 | 9554.2 | 8709.6 | 8.57 | 9.7 |
| Shriram General Insurance Company Limited | 224 | 200 | 1401.1 | 1286.5 | 1.26 | 8.91 |
| Cholamandalam MS General Insurance | 391 | 381 | 2580.4 | 2431 | 2.32 | 6.15 |
| The Oriental Insurance Company Limited | 1145 | 1078 | 8000.1 | 7598.2 | 7.18 | 5.29 |
| National Insurance Company Limited | 1272 | 1568 | 8876.1 | 8484.2 | 7.96 | 4.62 |
| ICICI Lombard General Insurance Company Ltd | 1364 | 1255 | 7803.7 | 8559.1 | 7 | -8.83 |
| DHFL General Insurance Limited | 8.16 | 1.65 | 114.67 | 202.72 | 0.1 | -43.4 |
Gross premium & % Market share wise table for General Insurers
Insurer Oct 19-20 Oct 18-19 upto oct-19 upto oct-18 Mkt. Share
| The New India Assurance Company Limited | 2510 | 2256 | 16054 | 14018 | 14.4 |
| United India Insurance Company Limited | 1658 | 1546 | 9554.2 | 8709.6 | 8.57 |
| National Insurance Company Limited | 1272 | 1568 | 8876.1 | 8484.2 | 7.96 |
| Bajaj Allianz General Insurance Company Limited | 1002 | 798 | 8088.5 | 5923.8 | 7.26 |
| The Oriental Insurance Company Limited | 1145 | 1078 | 8000.1 | 7598.2 | 7.18 |
| ICICI Lombard General Insurance Company Limited | 1364 | 1255 | 7803.7 | 8559.1 | 7 |
| HDFC Ergo General insurance Company Limited | 667 | 799 | 5717.7 | 5003.3 | 5.13 |
| Reliance General Insurance Company Limited | 552 | 468 | 4997.1 | 4037.3 | 4.48 |
| IFFCO Tokio General Insurance Company Limited | 718 | 431 | 4897.7 | 3909.2 | 4.39 |
| Tata AIG General Insurance Company Limited | 606 | 745 | 4567.8 | 4014.6 | 4.1 |
| SBI General Insurance Company Limited | 650 | 521 | 3764.1 | 2585.1 | 3.38 |
| Cholamandalam MS General Insurance Company Limited | 391 | 381 | 2580.4 | 2431 | 2.32 |
| Royal Sundaram General Insurance Company Limited | 385 | 241 | 2178.9 | 1973 | 1.95 |
| Bharti AXA General Insurance Company Limited | 365 | 265 | 1935.7 | 1333.6 | 1.74 |
| Future Generali India Insurance Company Limited | 366 | 230 | 1790.2 | 1384 | 1.61 |
| Universal Sompo General Insurance Company Limited | 239 | 193 | 1430.3 | 1000.4 | 1.28 |
| Shriram General Insurance Company Limited | 224 | 200 | 1401.1 | 1286.5 | 1.26 |
| Go Digit General Insurance Limited | 222 | 82.7 | 1216.1 | 356.3 | 1.09 |
| Liberty General Insurance Limited | 168 | 109 | 878.79 | 630.24 | 0.79 |
| Magma HDI General Insurance Company Limited | 125 | 87.8 | 679.3 | 458.62 | 0.61 |
| Kotak Mahindra General Insurance Company Limited | 42.8 | 27.6 | 225.53 | 149.97 | 0.2 |
| Acko General Insurance Limited | 50.7 | 34.1 | 216.18 | 57.04 | 0.19 |
| DHFL General Insurance Limited | 8.16 | 1.65 | 114.67 | 202.72 | 0.1 |
| Raheja QBE General Insurance Company Limited | 11.4 | 7.71 | 71.694 | 57.69 | 0.06 |
| Edelweiss General Insurance Company Limited | 14.5 | 7.19 | 65.97 | 37.43 | 0.06 |
J.D.Batta-Surveyor & Loss Assessor
Admin-Claim Hub
Chandigarh