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HIGHLIGHTS

* Healthy performance in Jul’23: The non-life insurance industry collected GWP of INR 266bn, up +14% YoY. The growth was driven by private insurers and standalone health insurers (up 26% YoY and 24% YoY) while public insurers witnessed a moderate growth of 7% YoY. Specialised PSU insurers saw degrowth of +56% YoY. Among private insurers, SBI General and Bajaj Allianz witnessed strong growth in premiums at 61% and 51% YoY respectively, while ICICI Lombard witnessed a robust growth of +22% YoY. HDFC ERGO saw a modest growth of +4% YoY. Market share wise, private insurers consolidated their leadership position at 55% GWP market share (up 330bps YoY), with market share of ICICI Lombard /HDFC ERGO/SBI General was at 9.0%/4.5%/4.1% respectively (+10bps/- 80bps/+70bps YoY resp).

* In Jun’23, GWP growth led by health and motor lines: For Jun’23, motor and health products lines were the fastest growing major segment at +21% YoY each. In health GWP, standalone health insurers led the growth trajectory (up ~25% YoY) while private players also saw a strong growth of +24% YoY; Public insurers saw a growth of +7% YoY. Among the large private insurers, SBI General and ICICI Lombard led the growth (up 33% YoY and 27% YoY) while HDFC ERGO witnessed a moderate growth of 9% YoY. Among standalone health insurance players, Star Health & Allied’s GWP was +19% YoY, while Niva Bupa and CARE Health grew +36%/+34% YoY resp. Among the other product lines, motor experienced a robust growth of 21% YoY while marine and fire witnessed a muted growth of flat YoY and 6% YoY.

* FYTD24 GWP growth at 17% YoY with private players consolidating their market leadership: In FYTD24, industry garnered GWP of INR 908.9bn (up ~17% YoY), led by standalone health insurers (up 26% YoY) and private insurers (up 23% YoY) while public insurers witnessed a lower growth of 9% YoY. Market share wise, private insurers consolidated their leadership position at 53.8% GWP market share (up 200bps YoY), with market share of HDFC ERGO/SBI General/ICICI Lombard at 5.1%/3.4%/9.7% resp. (-50bps/+20bps/-20bps YoY resp). Among standalone health insurance players, Star Health & Allied saw GWP growth of 17% YoY in FYTD24 while Niva Bupa and CARE grew +37% YoY and +36% YoY resp.

* Digital-first general insurers – health growth trends for Acko and Go Digit: For Jul’23, Digital-first general insurers – Acko (GWP up 31% YoY) and Go Digit (GWP up 42% YoY) witnessed strong GWP growth momentum. For Jun’23, the growth for Acko was primarily driven by strong traction in health and motor insurance while Go Digit has witnessed good growth in health and motors segments while there was a degrowth in liability segment. Go Digit’s market share was +30bps YoY at 2.9% for Jun’23, while Acko’s market share was flat at 0.7%, as of Jun’23.

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