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Strong GDPI growth across insurers; SAHI continues to lead the pack

Gross domestic premium income (GDPI) for non-life insurers grew 24% YoY in
Aug’21, of which, private players’ GDPI grew 20% YoY and that for PSU insurers
was up 30% YoY. SAHI reported GDPI growth of 26% YoY. Private GDPI (ex-SAHI)
grew 19% YoY. On YTD basis, PSU / Private / SAHI / Total industry has grown by
16.5% / 18.5% / 41% / 17.6%

ICICIGI/BAGIC grew 4/11%YoY in Aug’21. In terms of market share, ICICIGI market
share dipped to 4.8% in Aug’21 compared to 10.2% / 7.6%/ 7% / 5.9% in Apr/May/
Jun / Jul’21, respectively. On YTD basis, ICICIGI market share stood at 6.9%.

Monthly motor registrations remain near levels of 250k for passenger cars, 1,000k
for 2 – wheelers and 50k for CVs. YTD registrations have grown by 91.5%/42%/181%
for passenger cars/2-wheelers and CV.

Moderating covid claims are heartening: As per media reports, non-life insurers
received 1.4mn claims in FY22TD amounting to Rs160bn. However, the pace of addition
in total claims is heartening as the number of claims added in Aug’21 (between 6th Aug’21
and 27th Aug’21) were 101k amounting to US$56mn.

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