General Insurance - Premium Grew By ~24% In August, Led By Strong Performance Across Segments: Motilal Oswal
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Motilal Oswal Report
Private players reported a gross written premium growth of 18.4% YoY in August 2021 (two-year compound annual growth rate of 13.6%), while the industry posted a growth of 24.1% YoY (two-year CAGR of 17.1%).
In FY22 year-to-date, private players’ GWP grew by 14.1% YoY (two-year CAGR of 7.2%).
The same for the industry grew by 16.9% YoY (two-year CAGR of 10%).
Overall GWP growth was driven by strong performance across all segments, with marine/motor own damage/health/crop growing by 38.6%/11.2%/24.5%/40.4%.
On a FY22 year-to-date basis, Star Health and Allied Insurance Company Ltd. saw the highest market gain of 54 basis point at 4.9%.
Among private players, ICICI Lombard General Insurance Company Ltd.’s market share stood at 6.9% (down 40 bps YoY)
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