The overall insurance coverage section has reported a 15.34 per cent development throughout the six-month interval ended September 2022 with the gross premium underwritten rising to Rs 125,195.85 crore from Rs 108,575.34 crore in the identical interval of final yr.
In keeping with figures launched by the Basic Insurance coverage Council, medical insurance clocked a 26.73 per cent development in premium underwritten at Rs 11,661 crore throughout the six-month interval as in opposition to 9,202 crore in the identical interval of final yr.
Nonetheless, not like LIC, public sector normal insurance coverage corporations posted a flat development with three of them reporting a fall in market share throughout the interval. New India Assurance Firm (NIA) posted simply 2.88 per cent development in premium underwritten at Rs 17,373 crore from Rs 16,887 crore a yr in the past. Its market share additionally got here right down to 13.88 per cent from 15.55 per cent.
In truth, Nationwide Insurance coverage Firm and Oriental Insurance coverage (OIC) additionally reported a decline in market share throughout the six-month interval. United India Insurance coverage managed to take care of the market share at 7.02 per cent.
Amongst non-public gamers, ICICI Lombard clocked a 22.55 per cent rise in gross premium underwritten to Rs 10,555 crore from Rs 8,612 crore a yr in the past. The corporate’s market share elevated to eight.43 per cent from 7.93 per cent. HDFC Ergo reported a 22.63 per cent in premium underwritten to Rs 8,002 crore from Rs 6,525 crore in the identical interval a yr in the past.
In the meantime, throughout the month of September 2022, NIA posted a 15.01 per cent fall in premium underwritten and OIC’s premium revenue declined by 11.90 per cent.