General Insurance Tracker - Growth Driven By Motor Segment; Health Segment Growth Weakens: Motilal Oswal
The health business grew 9% YoY, with retail/group health up 16%/10%, while the motor business grew 12% YoY.
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Motilal Oswal Report
Private multi-line players reported a gross written premiums of Rs 109 billion in December 2022, up 24% YoY, higher than industry growth. However, public sector undertaking players saw a weaker-than-industry performance (up 1% YoY).
Among key players, ICICI Lombard General Insurance Company Ltd. reported a growth of 9% YoY, whereas Star Health and Allied Insurance Company Ltd. saw a healthy 16% YoY growth in GWP.
Bajaj Allianz saw a muted performance with 8% YoY growth, whereas New India Assurance Co Ltd. reported a decline of 2% YoY.
GWP for the overall industry in Dec-22 stood at Rs 219 billion (up 15% YoY). Industry growth was led by a strong 52%/12% YoY growth in the crop/motor segment.
The marine segment too witnessed a growth of 19% YoY. However, the health segment registered a muted growth of 12%.
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