By CL Jose
United India relegated to 3rd position as volume slips
MUMBAI/March 10-2022: As the current financial year is just short of a month, ICICI Lombard General Insurance Company, has become the second largest non-life insurer in the country, pipping the public sector insurer, United India Insurance Company, in terms of gross premium underwritten during the period until February end, 2022.
New India Assurance Company with a premium (underwritten) volume of Rs29,961.70 crore, continues to be the numero uno non-life insurer by far.
The 100 per cent government owned New India Assurance, with operations spread over 28 countries saw its gross premium underwritten grow 15.15 per cent, from last year’s Rs26,020 crore.
Aggregate volume up 11 pc
The gross premium underwritten during the period by all the non-life insurers, including the standalone health insurance companies and specialised PSU insurers, improved by 11 per cent, from Rs1.79 lakh crore to Rs1.99 lakh crore during the said period.
United India’s premium volume slipped 7.89 per cent during the period until February end, from Rs15,198.55 crore to Rs13,998.63 crore thus getting relegated to the third slot behind ICICI Lombard that got elevated to the number two position after its premium volume grew a handsome 26.84 per cent during the period, from Rs13,029.35 crore to Rs16,526.04 crore.
Another public sector insurer, National Insurance Company also witnessed its premium volume shrinking 6.68 per cent during the period under discussion, from Rs12,642.84 crore to Rs11,798.87 crore.
Star is the real star
During this period, the standalone private health insurance premium underwritten by five players grew from Rs13,309 crore to Rs18,049 crore representing a handsome growth of 35.61 per cent/
Star Health & Allied Insurance Company with a total premium underwritten of Rs9840.28 crore continued to lead the pack with 54.52 per cent market share in that segment compared with 58.53 per cent a year ago.
