General Insurance - Strong Growth In Health, Steady Trends In Motor: Motilal Oswal
SAHIs outperform private multi-line players and overall industry
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Motilal Oswal Report
In February 2023, the gross written premium for the industry grew 20% YoY to Rs 199 billion, led by the health (up 28% YoY) and crop (up 75% YoY) segments.
The marine segment witnessed a strong growth of 24% YoY, whereas the motor segment continued to register a healthy growth of 12.1% YoY.
Standalone health insurers/private multi-line players reported GWP of Rs 23.2 billion/Rs 105.6 billion in Feb-23, up 27%/20% YoY.
On the other hand, pubic sector undertaking players reported 8% YoY growth to Rs 58.2 billion in Feb-23, lower than the industry.
Among key players, ICICI Lombard General Insurance Company Ltd. reported a decline of 5% YoY in Feb-23, mainly on account of a moderation in the motor third party business by 64% YoY (one-off transfer of business to other insurance company).
Star Health and Allied Insurance Company Ltd. saw a healthy 16% YoY growth in GWP.
Bajaj Allianz and New India reported growth of 15% and 3% YoY, respectively, both lower than the industry.
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