General Insurance- Lower Base, Group Business Leading To Higher Growth For Multiline Players: ICICI Securities

General Insurance - Lower Base, Group Business Leading To Higher Growth For Multiline Players In FY23TD: ICICI Securities

An agent helping a couple fill an insurance form. (Source: freepik)

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ICICI Securities Report

Gross domestic premium income for non-life insurers grew 24% YoY in May 2022 led by private insurers (35% YoY), while public sector undertaking insurers grew 8% YoY.

Standalone health insurers reported 24% YoY growth in May 2022, while private (excluding SAHI) counterparts grew 38.3% YoY. FY23-to-date overall GDPI growth stands at 23% YoY split among PSU (12.5%), private (31%) ex-SAHI and SAHI (26%).

Star Health Insurance and Allied Insurance Company Ltd. reported strong numbers with retail health market share improving from 30.8% in May 2021 to 33.1% in May 2022.

Click on the attachment to read the full report:

ICICI Securities General Insurance Sector Check.pdf
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