by Suman Gupta
Private multi-line players outperform with 29.5% growth
Standalone Health Insurance grew by 29%,
PSU multi-line players lag with 16% growth
According to the General Insurance report of Motilal Oswal Financial Services Limited (MOFSL), the overall industry GWP for the month came in at INR212.8b (up 23.3% YoY). Growth was driven by strong performances from the Health and Motor segments, up 27% and 29% YoY, respectively. Crop segment declined 39% YoY. Private multi-line players reported GWP of INR110b, implying 29.5% YoY growth in Apr’22, better than the industry performance of 23% YoY growth. The strong industry growth was partially due to the lower base of last year impaired by the lockdowns. Among the key players, ICICI Lombard/Star Health reported a strong GWP growth of 20%/18% YoY, respectively. Bajaj Allianz/New India reported a growth of 25%/18%, respectively.
Health business up 27% YoY due to continued traction in Group Health
The Health business grew 27% YoY, with Retail/Group Health rising 10%/33% YoY, respectively. Health premiums from the government schemes also saw strong 36% YoY growth to INR9.9b in Apr’22; the overseas health segment saw robust growth of 186% YoY. The share of the health segment in the overall industry GWP grew 131bp to 40.9% for Apr’22. SAHI reported Health GWP growth of 29% YoY. Within SAHI, growth in Star Health remained weaker v/s other peers at 17.4% YoY due to decline in the group health segment. ILOM reported a healthy growth of 30.1% YoY in the overall Health segment with 31.9% YoY growth in the Group Health segment during the month. PSU multi-line players saw decline in the Retail Health segment, whereas growth in the Group business remained healthy at 30% YoY.
Strong growth for the Motor segment due to lower base
The Motor business grew 29% YoY, driven by both Motor OD and TP segments. The growth was mainly attributable to lower base effect. Public multi-line players grew lower than industry in both Motor OD and Motor TP segments. ILOM saw healthy growth of 39% YoY in Motor TP business while it underperformed the industry in Motor OD segment with a growth of 17.5% YoY. Smaller players such as Go Digit and Acko demonstrated stellar growth of 75%/ 71%, respectively, in the overall Motor business during Apr’22.
Performance of key players
SAHIs and Private multi-line players gained market share at 33bp and 246bp, respectively, in Apr’22 at the cost of public players, which lost 251bp.
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ILOM reported growth of 20% YoY.
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Bajaj Allianz reported growth of 25% YoY.
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New India reported growth of 18% YoY.
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Star Heath reported growth of 18% YoY.
