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Moderation seen in general insurance business led by motor segment

ICICIdirect Research 13 Sep 2024 DISCLAIMER

Indian general insurance industry has witnessed a moderation in business momentum in the month of August 2024, led by slowdown in sales of new vehicles and absence of tariff hike for third party insurance. Industry recorded growth of 4.5% YoY at ₹ 22880 crore in August 2024, though premium growth in April – August 2024, remain steady at 10.6% YoY.

Among players, ICICI Lombard reported 10.1% YoY growth (YTD growth at 17.5%), thereby gaining market share, while Star Health delivered steady growth of 15% (YTD growth at 16.6%). Bajaj Allianz reported slowdown in momentum (3.5% in Aug’24) while New India Assurance delivered reduction of 12.5% YoY (YTD growth at 1.9%), resulting in market share loss. 

While moderation in auto segment impacted business momentum, select players have been able to deliver sustained growth gaining market share. Festive season is expected to boost auto sales and continued traction in health segment is expected to aid revival in premium growth.

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