According to a latest report by the Insurance Regulatory and Development Authority of India (Irdai), private general insurance companies witnessed growth in their collective market share to 53.58 percent from 50.81 percent compared to the previous year period.
The regulatory data revealed that 31 insurers in the non-life industry underwrote gross direct premiums totaling Rs 1.43 lakh crore in this period, registering a remarkable year-on-year growth of 14.86 percent.
“The combined market share of private general insurance companies reached 53.58 percent in the year-to-date (YTD) figures for September 2023, exhibiting a growth rate of 21.13 percent, compared to a market share of 50.81 percent in the same period of 2022 with a growth rate of 21.33 percent,” said IRDAI.
With aggressive private companies taking the competition to newer levels, PSU insurers saw their combined market share decline to 31.99 percent in September 2023 with a growth rate of 12.16 percent, down from 32.76 percent market share in the same period last year.
Read more at: Private general insurers expand market share to 53.58 percent in H1’FY24
Apart from New India Assurance Company, which is the leading insurer with a market share of 13.09 percent, ICICI Lombard General Insurance Company (8.67 percent) and Bajaj Allianz General Insurance Company (7.69 percent) are the top two private companies in this. category with the largest market share. Together, these three insurers command a combined market share of 29.46 percent, showing a growth rate of 18.45 percent, the combined data showed.
“The recent IRDAI report is a testament to the evolving dynamics of India’s insurance sector, highlighting the pivotal role of private insurers in driving the growth of the industry. This reflects a market increasingly driven by innovation, customer-centricity and digital transformation ,” Alok Agarwal – Executive Director, ICICI Lombard told ETBFSI.
Private insurers are gaining market share using advanced analytics for personalized products and improving digital platforms for accessibility and service excellence.
“At ICICI Lombard, our differentiator lies in our multi-channel distribution strategy that integrates digital platforms with traditional networks, improving accessibility and convenience for customers across segments. We have invested heavily in digital transformation making us a digital first insurance company and enabling us to offer real-time solutions and services,” he said.
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This approach combined with a robust understanding of market trends and consumer behavior enables Lombard to offer more personalized, efficient and comprehensive insurance solutions, Agarwal added.
For Bajaj Allianz General Insurance Company (BAGIC), it has been industry-leading innovations like cashless for car insurance and health insurance, the first in-house TPA for health, motor on site, health rider that covers OPD, their latest innovation. on elder care, the respect care rider, and many more.
In a quick conversation, the MD & CEO of BAGIC, Tapan Singhel said that the company’s strategic focus has been to strengthen and be present across all distribution channels, ensuring that its reach extends to every part of the country.
“We are present in all product lines, everywhere. Through our best-in-class customer-centric practices, we are proud to build a customer base exceeding 140 million during our 22 years of operations. Bajaj Allianz has always had a very strong balance sheet, marked by a strong solvency ratio – which stands as one of the best in the industry and has more than great capital,” he emphasized.
