General Insurance - Premium Growth Driven By The Crop, Motor Segments In July: Motilal Oswal

Motilal Oswal Report

The industry's gross written premium increased 9% YoY to Rs 290 billion in July 2024. This was led by the Motor segment, which grew 10.3% YoY, while the overall Health segment rose only 2% YoY (36% decline in the govt. health business). The Fire segment declined 8.7% YoY, while the Crop/Marine segments inched up 39.3%/14.5% YoY.

During the month, private players (Rs 151.8 billion in July 2024) grew 4% YoY (lower than the industry growth of 9% YoY). SAHIs and Public multi-line players outperformed industry growth and reported a GWP of Rs 32.8 billion (up ~23% YoY) and Rs 94.7 billion (up 12% YoY), respectively, in July 2024 (versus industry growth of 9% YoY).

Among the key players, ICICI Lombard General Insurance Co Ltd. reported growth of 16% YoY, while Bajaj Allianz posted a decline of 36% YoY in July 2024 (due to a sharp decline in govt. health business). Star Health and Allied Insurnc Cmpny Ltd./Go Digit posted a 15%/8% YoY gross written premium growth, and New India grew 9% YoY

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