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Published on 13/10/2021 12:06:45 PM | Source: ICICI Securities

Insurance Sector Update - Strong July; SAHI`s outperformance continues By ICICI Securities

Posted in Broking Firm Views - Sector Report| #Insurance Sector #Sector Report #ICICI Securities

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Strong July; SAHI’s outperformance continues

Gross domestic premium income (GDPI) for non-life insurers grew 19.5% YoY in Jul’21, of which, private players’ GDPI grew 20% YoY and that for PSU insurers was up 18.7% YoY. SAHI reported GDPI growth of 27% YoY. ICICIGI/BAGIC grew 8.5/33%YoY in Jul’21.

In terms of market share, ICICIGI market share dipped to 5.9% in Jul’21 compared to 10.2/7.6/7% in Apr/May/ Jun’21, respectively. On YTD basis, ICICIGI market share stood at 7.6%. Crop could be a differentiating factor.

Motor registrations improved MoM in Jul’21. YTD registrations have grown by 42/22/48% for passenger cars/2-wheelers and CV.

 

1% health market share could lead to Rs1.5bn covid claims in FY22 (based on data as of 6th Aug’21): Total covid claims received by insurance companies in FY22TD were 1.3mn of which 1.04mn claims have been settled. In terms of value, insurance companies have received total claims worth Rs146.6bn in FY22TD vs 146.8bn in FY21 of which Rs99bn has settled in FY22 vs Rs79bn in FY21. There is a case for growth in market share of private players. Q1FY22 was adversely impacted due to covid second wave. While performance should improve ahead, higher covid claims and absence of motor TP hike pose an overhang on near-term profitability.

 

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