General Insurance Tracker - Health, Motor Continue To Drive Premium Growth In July: Motilal Oswal

Motilal Oswal Report

In July 2023, the gross written premium for the industry grew 13% YoY to Rs 265 billion, fueled by the health (up 33% YoY) and motor (up 15% YoY) segments.

The growth in health segment was propelled by exponential growth in the government health business, which spurted 93% YoY. In July-23, marine and commercial lines reported flattish YoY growth.

Standalone health insurers/private multi-line players reported a GWP of Rs 26.7 billion/Rs 146.6 billion in July-23, up 26%/24% YoY. Conversely, public sector undertaking players registered a 5% YoY growth to Rs 84.8 billion, much lower than the industry.

Among key players, ICICI Lombard General Insurance Company Ltd. grew 22% YoY in July-23 (higher than the industry growth), whereas Star Health and Allied Insurance Company Ltd. reported a GWP growth of 17% YoY.

Bajaj Allianz clocked a GWP growth of 51% YoY (aided by exponential growth in government health business), whereas New India Assurance Company Ltd. reported a YoY growth of 9%.

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