General Insurance - Health, Motor Continue To Drive Premium Growth In August: Motilal Oswal

Motilal Oswal Report

The industry's gross written premium decreased 4% YoY to Rs 236 billion in August 2023 because of lower premiums reported by AIC (crop), ECGC (export and credit) and specialised public sector undertakings.

The health segment grew 15% YoY, while motor segment rose 16% YoY. The growth in health segment was propelled by growth in the retail health business, which jumped 20% YoY.

In Aug-23, marine segment declined 9% YoY, whereas commercial lines grew 23% YoY.

Standalone health insurers/private multi-line players reported a GWP of Rs 25.9 billion/Rs 133.7 billion in Aug-23, up 26%/16% YoY. Conversely, PSU players registered a 7% YoY growth to Rs 59.2 billion.

Among key players, ICICI Lombard General Insurance Company Ltd. grew 16% YoY in Aug-23, whereas Star Health and Allied Insurance Company Ltd. reported a GWP growth of 19% YoY. Bajaj Allianz clocked a GWP growth of 64% YoY (aided by exponential growth in crop business). HDFC Ergo/New India reported a muted growth of 9%/3% YoY.

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