Representative iamge.
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For the first time, state-run general insurers account for less than a third of the industry premium at 32.5 per cent, as larger private non-life insurers have consolidated their position in the first five months of the current fiscal, according to the General Insurance Council data.
Public sector insurers saw their premium income fall by 1 per cent to Rs 34,203 crore during the first five months of the current fiscal.
As a result, their market share plunged to less than a third at 32.5 per cent from 33.4 per cent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore.
In another first, driven by the health segment, standalone health insurers' market share also rose to double digits at 10.4 per cent during this period from 9.2 per cent.
Although segment-wise data is yet to be released, standalone health insurers' performance shows higher growth in the segment.
The General Insurance Council data showed that the non-life insurance sector grew by 11.7 per cent during the first five months to August, recording premium income of Rs 1.14 lakh crore, compared to Rs 1.02 lakh crore in the same period in FY23.
There are 26 operational general insurers in the country, of them, six are owned by the Centre.
The public sector players are National Insurance Company, New India Assurance, Oriental Insurance, United India Insurance and the specialized players like Agriculture Insurance Company of India and ECGC (Export Credit Guarantee Corporation.
That apart, the industry also has five standalone health insurers Aditya Birla Health Insurance, Care Health Insurance (formerly Religare Health Insurance), Manipal Cigna Health Insurance Company, Niva Bupa Health Insurance and Star Health & Allied Insurance.