What was never expected has happened. Premium growth of a public sector company has come to almost zero whereas the the pvt. Sector company “Bajaj Allianz” has given the stellar performance with premium growth 0f around 33% in FY 2023-24. The non-life insurance sectotor has touched the premium figure of Rs. 245432.00 with 14.24 yearly growth. All the public sector insurers except the National insurance have given the reasonably good performance.
Digitally focused mid sized co.. “Go digit” is moving very fast up the ladder with premium income of Rs. 7941 Cr. & growth rate of 28.91%.
| GROSS DIRECT PREMIUM INCOME UNDERWRITTEN BY NON-LIFE INSURERS WITHIN INDIA (SEGMENT WISE) : FOR THE PERIOD UPTO March 2024 (PROVISIONAL & UNAUDITED ) IN FY 2023-24 (Rs. In Crs.) | ||||||||
| Premium | Growth % | |||||||
| General Insurers | ||||||||
| Zuno General Insurance Co Ltd | 833.79 | 56.29 | ||||||
| Kotak Mahindra General Insurance Co Ltd | 1587.11 | 39.94 | ||||||
| Shriram General Insurance Co Ltd | 3036.05 | 34 | ||||||
| Bajaj Allianz General Insurance Co Ltd | 20472.69 | 33.49 | ||||||
| Go Digit General Insurance Ltd | 7941.09 | 28.91 | ||||||
| Acko General Insurance Ltd | 1870.29 | 23.91 | ||||||
| Cholamandalam MS General Insurance Co Ltd | 7532.88 | 22.37 | ||||||
| Magma HDI General Insurance Co Ltd | 3044.19 | 20.13 | ||||||
| ICICI Lombard General Insurance Co Ltd | 24776.12 | 17.84 | ||||||
| The Oriental Insurance Co Ltd | 18285.82 | 17.1 | ||||||
| SBI General Insurance Co Ltd | 12553.56 | 15.93 | ||||||
| Tata AIG General Insurance Co Ltd | 15090.9 | 14.5 | ||||||
| Reliance General Insurance Co Ltd | 11688.79 | 13.06 | ||||||
| Universal Sompo General Insurance Co Ltd | 4622.19 | 12.65 | ||||||
| United India Insurance Co Ltd | 19851.71 | 12.51 | ||||||
| HDFC Ergo General Insurance Co Ltd | 18567.55 | 11.61 | ||||||
| Liberty General Insurance Co. Ltd | 2155.05 | 10.1 | ||||||
| Future Generali India Insurance Co Ltd | 4910.89 | 8.02 | ||||||
| Royal Sundaram General Insurance Co Ltd | 3637.19 | 7.62 | ||||||
| The New India Assurance Co Ltd | 37035.24 | 7.4 | ||||||
| National Insurance Co Ltd | 15169.32 | 0.14 | ||||||
| Navi General Insurance Co. Ltd | 70.65 | 0.08 | ||||||
| IFFCO-Tokio General Insurance Co Ltd | 9835.1 | -0.36 | ||||||
| Raheja QBE General Insurance Co Ltd | 295.88 | -22.12 | ||||||
| Total | 245432.6 | 14.24 | ||||||
| PSU | 90432.09 | 9.09 | ||||||
| Private | 155000..46 | 17.47 | ||||||
overall Public has grown by 9% whereas the Pvt sector has grown around double the rate of PSU’s.