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%. Only New India Assurance is competing with the pvt sector whose growth rate up to September 2019 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 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for the below par performance of the public sector insurers is their reluctance for use of new technology & shun the outdated traditions.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 |