Irdai Reports Private General Insurers Increase Market Share To 53.58% in H1 FY24

In the first half of the current financial year, private general insurers increased their collective market share to 53.58 per cent, up from 50.81 per cent in the corresponding period last year, marking a significant growth in gross direct premium underwritten. Data released by the Insurance Regulatory and Development Authority of India (Irdai) revealed that 31 insurers in the non-life industry underwrote gross direct premiums totaling Rs 1.43 lakh crore in this period. 

Private insurers demonstrated a noteworthy annual increase of 14.86 per cent in gross direct premiums. The combined market share of private general insurers reached 53.58 per cent in the year-to-date figures for September 2023, exhibiting a growth rate of 21.13 per cent, compared to a market share of 50.81 per cent in the same period of 2022 with a growth rate of 21.33 per cent, as reported by Irdai. 

In contrast, PSU general insurers held a combined market share of 31.99 per cent during April-September 2023, reflecting a growth rate of 12.16 per cent, compared to a market share of 32.76 per cent in the corresponding period of the previous financial year, 2022, with a growth rate of 6.43 per cent. 

The data further highlighted that the New India Assurance Company is the leading insurer with a market share of 13.09 per cent, followed by ICICI Lombard General Insurance Company (8.67 per cent) and Bajaj Allianz General Insurance Company (7.69 per cent). Together, these top three insurers command a combined market share of 29.46 per cent, showing a growth rate of 18.45 per cent. Irdai also noted that eight insurers hold more than a 5 per cent market share of the total non-life GDP year-to-date for September 2023.