The Indian general insurance industry in 2015-16 has recorded a growth of almost 14%, though has missed the much expected Rs 1 lakh crore mark in premiums by Rs 3,500 crore.
The general insurance industry-with 29 players- has mobilised a total premium of Rs 96, 402 crore during the year against Rs 84,686 crore in 2014-15.
According to the figures released by the General Insurance Council, the private sector general players at Rs 39,701 crore have recorded a growth of 13%, while the four public sector majors- New India Assurance, United India, National Insurance and Oriental Insurance) at Rs 47,717 crore have recorded a growth of 12% during 2015-16.
The four public sector general insurers at the the end of 2015-16 have a market share of 49.37% in the industry, while the 25 private sector players, led by ICICI Lombard General Industry, have cornered a 49.37 % of market share since the industry opened up for them.
The five stand alone health insurers have witnessed their total premium rising by 41% to Rs 4153 crore and have a market share of 4.08% during 2015-16.
Specialised insurers like ECGC and Agriculture Insurance Company(AIC) at Rs 4830 have clocked a growth of 18% and have a market share of 5.16% during 2015-16.
The motor portfolio at Rs 38,137 crore ( Rs 19,071 crore in own damage segment and Rs 19,066 crore in third party segment) has contributed the maximum premiums in the general insurance industry. Next to motor segment, Health Portfolio at Rs 22, 060 crore is the second largest business segment in the industry during the year.
The industry had witnessed a single digit growth of 9% in 2014-15.
Source: Asia Insurance Post
Date: 13th April, 2016.