PSU Insurers still headless, business getting effected

PSU general insurance companies have still not got CMD inspite of post being lying vacant since long. Resultantly the market share of companies are also declining. According to the latest data from the IRDAI, four public sector general insurance companies had a market share of 44.64 per cent as of June 2018, compared to 49.65 per cent a year ago in the non-life insurance field. ICICI Lombard has cornered 10.1 per cent of the market share in terms of gross direct premium underwritten up to June, making it the second-largest insurer in the non-life space after New India Assurance. At the end of June last year, ICICI Lombard had a market share of 9.97 per cent, and was in the fourth position in terms of market share. Till May this year, United India Insurance had the second-largest market share at 10.13 per cent. However, in June, its market share fell to 9.67 per cent, dragging it to the third slot. The merger of 3 general insurance companies proposed by Union minister Arun Jaitley in his last Budget speech, was expected to create a public sector insurance giant, cornering a third of the market share.