The insurance sector witnessed strong development, with a 13 per cent year-on-year (YoY) enhance in gross written premium (GWP) totaling Rs 26,500 crore.

This surge was on the again of considerable enlargement within the well being phase, which skilled a powerful 33 per cent YoY rise, and the motor phase, which registered a wholesome 15 per cent YoY development, in keeping with a report by Motilal Oswal.

The development within the well being sector was pushed by a 93 per cent YoY surge within the authorities well being enterprise. In distinction, marine and business traces reported comparatively stagnant development.

Private multi-line gamers, together with Standalone Health Insurers (SAHIs), displayed robust efficiency, attaining a GWP of Rs 2,670 crore, indicating a 26 per cent YoY enhance. The Public Sector Undertaking (PSU) gamers recorded a 5 per cent YoY development, behind the trade’s general development trajectory.

Major contributors

Among key gamers, ICICI Lombard General Insurance (ICICIGI) exhibited a powerful 22 per cent YoY development in July 2023, surpassing the trade common. Similarly, STAR Health Insurance reported 17 per cent YoY development.

Bajaj Allianz General Insurance’s GWP confirmed a 51 per cent YoY enhance, pushed by development within the authorities well being phase. Meanwhile, New India Assurance reported a YoY development of 9 per cent, the report acknowledged.

The well being phase had a 33 per cent YoY development led by an 18 per cent YoY rise in retail well being and a 19 per cent YoY development in group well being. Overseas well being registered a forty five per cent YoY surge, whereas the federal government well being phase soared by 93 per cent YoY. Private multi-line gamers throughout the well being phase skilled a 131 per cent YoY enhance.

Excluding the federal government well being phase, the expansion for personal gamers within the well being phase was 25 per cent YoY. Among SAHIs, STAR Health confronted a weaker development price because of a softer 16 per cent development within the retail well being phase.

Growth within the motor phase

The motor enterprise had a wholesome 15 per cent YoY development, pushed by a strong enlargement of twenty-two per cent YoY within the motor personal harm (OD) phase. The Motor Third Party (TP) phase had subdued development of 11 per cent YoY in July 2023.

SAHIs and personal multi-line gamers collectively gained market share, whereas public gamers skilled a slight decline. ILOM reported a development price of twenty-two per cent YoY with a market share of 9.7 per cent. Bajaj Allianz recorded a powerful 51 per cent YoY development and achieved a market share of 8.3 per cent.

New India Assurance’s development was 9 per cent YoY, together with a market share of 15.0 per cent. STAR Health’s YoY development was 17 per cent, sustaining a market share of 4.7 per cent.