General Insurance - Private Players Outperform In May Led By Standalone Health Insurers: ICICI Securities
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ICICI Securities Report
Gross domestic premium income for non-life insurers grew 11.6% YoY in May 2021, of which, private players’ GDPI grew 17.2% YoY and public sector undertaking insurers GDPI grew 4.8% YoY, respectively.
Private insurers (excluding standalone health insurers) grew 9.2% YoY in May-21, whereas standalone health insurers grew by 67% YoY.
ICICI Lombard General Insurance Company Ltd.’s market share increased to 7.6% in May-21 compared to 7% in FY21.
Motor registrations remained weak in May-21 declining by 53-66% across segments compared to April 2021 which was also weak.
Covid-19 claims increased by ~$1 billion in first 14 days of May-21 versus $125 million/135 million in March-21/April-21.
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