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Moderation seen in general insurance business led by motor segment
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.
Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
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