General Insurance - Premium Growth Driven By Retail Health, Motor OD Segment In Nov: Motilal Oswal

Motilal Oswal Report

The industry's gross written premium increased 9% YoY to Rs 209 billion in November 2023. This is because the motor own damage segment grew 21% YoY, while the retail Health segment grew 16.5% YoY.

In Nov-23, fire segment and commercial lines reported a YoY growth of 10% and 12%, respectively; however, the crop segment plummeted 25% YoY.

During the month, public sector undertaking players reported flattish YoY growth to Rs 65.1 billion. Standalone health insurers outperformed industry growth by reporting a GWP of Rs 24.8 billion in Nov-23, up 23% YoY.

Private multi-line players reported a growth of 9% YoY (Rs 115.4 billion), which is in line with the industry growth.

Among key players, ICICI Lombard General Insurance Company Ltd. grew 17% YoY in Nov-23 (on account of 21% growth in the motor own damage segment).

Star Health and Allied Insurance Company Ltd. also reported a GWP growth of 17% YoY. Bajaj Allianz declined 9% YoY (on account of exponential growth in Crop business in Nov-22).

HDFC Ergo reported a growth of 3%, whereas New India Assurance Company Ltd./National India reported a decline of 1%/8% YoY.

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