General Insurance - Strong Growth In Health In March, Steady Trends In Motor: Motilal Oswal

Motilal Oswal Report

In March 2023, the gross written premium for the industry grew 12% YoY to Rs 243 billion, led by the health (up 17% YoY) and fire (up 21% YoY) segments. The motor segment continued to register a healthy growth of 14.2% YoY whereas the crop segment declined 8.1% YoY in March-23. 

Standalone health insurers/private multi-line players reported GWP of Rs 34.3 billion/Rs 123.8 billion in March-23, up 22%/13% YoY.

Conversely, public sector undertaking players reported 4% YoY growth to Rs 71.5 billion, lower than the industry.

Among key players, ICICI Lombard General Insurance Company Ltd. grew 7% YoY in March-23, lower than the industry growth.

Star Health and Allied Insurance Company Ltd.’s GWP growth was same as that of the industry at 12% YoY.

Bajaj Allianz and New India Assurance Company Ltd. reported GWP growth of 11% YoY each, a tad below industry growth.

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