News and UpdatesSpotlight

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for the below par performance of the public sector insurers is their reluctance for use of new technology & shun the outdated traditions.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

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