General Insurance - Strong July; Health Insurers' Outperformance Continues: ICICI Securities
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ICICI Securities Report
Gross domestic premium income for non-life insurers grew 19.5% YoY in July 2021, of which, private players’ GDPI grew 20% YoY and that for public sector undertaking insurers was up 18.7% YoY.
Standalone health insurers reported GDPI growth of 27% YoY.
ICICI Lombard General Insurance Company Ltd./Bajaj General Insurance grew 8.5/33%YoY in July 2021.
In terms of market share, ICICI Lombard's market share dipped to 5.9% in July 2021 compared to 10.2/7.6/7% in April/May/ June 2021, respectively.
Year-to-date motor registrations have grown by 42/22/48% for passenger cars/two-wheelers and commercial vehicle.
Total Covid-19 claims received by insurance companies in FY22-to-date were 1.3 million of which 1.04 million claims have been settled.
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