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Private players reported gross written premiums of Rs 87.8 billion, up 15% yoy in February 2022 and 11.0% yoy in FY22 year-to-date, much higher than the overall performance of the sector.

Of the major players, ICICI Lombard General Insurance Company Ltd. /Star Health and Allied Insurance Company Ltd. strong annual gross national product growth of 9%/24% respectively. In contrast, Bajaj Allianz/New India Assurance Company Ltd reported. a growth of 6%/1% respectively.

The industry’s total GWP for the month stood at Rs 166 billion (up 5.2% year-on-year). Growth was driven by a strong 22.2%/7.7% year-over-year performance in the health and fire insurance segments, while the motorcycle segment showed moderate annual growth of 5%. Crop segment was down 37% year-over-year.

In FY22 year-to-date, Star Health delivered the largest market share gain of 60 basis points, at 4.9%. Among private players, ICICI Lombard’s market share was 8.3% as of February 22 (-59 bps year-on-year).

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This post Indian general insurance – industry premium up ~5% in February, health boosts growth: Motilal Oswal

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