General Insurance Companies Saw Surge in the Gross Premium by 13% for FY2019-20
Updated On Oct 26, 2020
According to Insurance Regulatory and Development Authority of India (IRDAI) recent data, SBI General Insurance, Bajaj Allianz General Insurance, Tata AIG General Insurance, New India Assurance are among the 25 general insurers who saw a surge in the premium in the April-July period.
General insurance companies announced growth of 12.99% in their gross direct premium between the period of April and July. Nonetheless, despite growth in July, the motor insurance sector saw a decrease in premium collection. The reason, according to the experts is because of a fall in car sales in India.
Pushan Mahapatra, MD & CEO of SBI General Insurance said the company have grown in the health, property and agriculture sector. However, with the drop in motor sales, there is a decline in motor insurance. He even quoted that in the current scenario, motor insurance is a challenge for the entire industry.
In the health insurance sector, New India Assurance topped the list among the public sector companies with a market share of 16.01%. Whereas, ICICI Lombard became the biggest player in the private sector with the market share of 8.15% as in July 2019. Likewise, the new entrants like Go Digit, Edelweiss General Insurance and Acko General Insurance encountered the development according to IRDAI data.