Private sector general insurance companies continued to grow faster than the industry in April 2022, driving the 24% industry growth, chipping away market share from their public sector peers, data released by the IRDAI showed.
Among the large private sector general insurance companies, SBI General grew the fastest at 45% over the last year followed by Tata AIG (42%) and ICICI Lombard General Insurance (33%).
Though New India Assurance maintained its numero uno status with a 21% market share, it was down from 22% a year ago, indicating the intense competition that public sector companies are facing from their private sector rivals.
ICICI Lombard consolidated its position as the second-largest general insurance company with an 11% market share, up from 10% last year.
“ICICI Lombard also maintained strong momentum, likely driven by health (both retail and group), motor volume pickup and price hikes in motor own damage. Private peers like SBI General, HDFC Ergo and Bajaj had growth of 45%/27%/25% year-on-year, while standalone health insurance companies’ growth slowed to 23% (versus 30% in March 2022). PSUs continue to lag,” Jefferies said in a report.