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In Oct’22, the industry collected GWP of INR 204bn, up +16% YoY. The growth was driven by public and standalone health insurers (up 22% YoY and 20% YoY resp.), while private insurers also witnessed robust growth of 14% YoY. However, premium for specialized PSU insurers declined 77% YoY. Among private insurers, Bajaj Allianz witnessed strong growth in premiums (~25% YoY) followed by ICICI-Lombard at 22% YoY while HDFC ERGO’s premium growth was muted at 5% YoY. SBI General witnessed a decline of 7% YoY, despite soft base. Digital-first general insurers – Acko (up ~26% YoY) and Go Digit (up ~19% YoY) continued the healthy GWP growth momentum.

YTD, the industry garnered GWP of INR 1.46trn (up ~15% YoY), led by standalone health insurers (up 26% YoY) and private insurers (up 20% YoY) while public insurers witnessed a lower growth of 9% YoY. Market share wise, private insurers consolidated their leadership position at 51.3% GWP market share (up 210bps YoY), with market share of ICICI Lombard /HDFC ERGO/SBI General expanding 50bps/20bps/10bps YoY to 8.7%/6.4%/3.8% respectively

HIGHLIGHTS

* Healthy performance in Oct’22: The non-life insurance industry generated GWP of INR 204bn, up +16% YoY. The growth was driven by public and standalone health insurers (up 22% YoY and 20% YoY resp.), while private insurers also witnessed robust growth of 14% YoY. However, premium for specialized PSU insurers declined 77% YoY. Among private insurers, Bajaj Allianz witnessed strong growth in premiums (~25% YoY) followed by ICICI-Lombard at 22% YoY while HDFC ERGO’s premium growth was muted at 5% YoY. SBI General witnessed a decline of 7% YoY, despite soft base.

* Digital-first general insurers continued the strong momentum: For Oct’22, digital-first general insurers – Go Digit (up ~19% YoY) and Acko (up ~26%% YoY) maintained the strong momentum. The growth for Go Digit primarily was driven by strong traction in motor liability and health insurance while for Acko health segment continued to witness solid growth. Go Digit managed to increase market share by 60bps YoY to 2.4%, as of Oct’22 in a highly competitive industry. Acko’s market share also increased by 20bps YoY to 0.6%, as of Oct’22.

* In Sep ’22, GWP growth for health line led by Bajaj Allianz: In health GWP, private players led the growth trajectory (up ~57% YoY) while standalone health insurers continued their strong growth trajectory (up ~27% YoY). Among the large private insurers, Bajaj Allianz led the growth (up ~49% YoY) while SBI General grew by 48% YoY. However, ICICI Lombard recorded a decline (~1% YoY). Among the other product lines, motor experienced a growth of 17% YoY, above overall industry growth of 10.1% YoY whereas crop segment witnessed degrowth of 21%, due to impact of high base YoY

* YTD growth of 15% YoY with private players consolidating their market leadership: YTD, the industry garnered GWP of INR 1.46trn (up ~15% YoY), led by standalone health insurers (up 26% YoY) and private insurers (up 20% YoY) while public insurers witnessed a lower growth of 9% YoY. Market share wise, private insurers consolidated their leadership position at 51.3% GWP market share (up 210bps YoY), with market share of ICICI Lombard /HDFC ERGO/SBI General expanding 50bps/20bps/10bps YoY to 8.7%/6.4%/3.8% respectively. Among standalone health insurance players, Star Health & Allied’s growth was at 12% YoY, while Niva Bupa and CARE Health grew 41%/20% YoY resp.

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