Private health insurance firms came up trumps in growth in the pandemic year while the state insurers posted a decline as motor and crop insurance business de-grew.
Premiums in the overall motor portfolio fell 2 per cent to Rs 67,790 crore, while the crop business dropped by 3.5 per cent to Rs 31,184 crore in fiscal 2021.
Barring New India Assurance (NIA), the PSU general insurance firms, United India Insurance (UII), National Insurance Company and Oriental Insurance Company (OIC), have shrunk and lost their market shares in fiscal 2021. Among the top general insurers, only NIA posted positive premium growth, profitability and market share.
New India Assurance (NIA) raised its domestic market share to 14.33 per cent in FY21 from 14.11 per cent in 2019-20 while its domestic premium grew 6.2% at Rs 28,482 crore. Its domestic premium stood at Rs 32,500 crore. —
As Covid raged, the six standalone health insurers, led by Star Health & Allied Insurance, grew their premiums 11% to Rs 15,720 crore.
There were Rs 14,608 crore claims under the Covid health schemes during the last fiscal, of which insurers had settled claims worth Rs 7,900 crore.
Volume-wise it is about 85% of the total claims of over 10 lakh claims made.
According to the data, the average reported claim size is to the tune of Rs 1.46 lakh but the average claim that insurers are settling is Rs 91,953.
About 66% of the claims under the Covid health insurance policies are from the worst-hit five states with Maharashtra topping the chart.
For the last fiscal, Maharashtra topped the claims list with 3.58 lakh claims for Rs 4,345.39 crore, followed by Gujarat (1.30 lakh claims for Rs 1,922 crore) and Karnataka (75,938 claims for 1,136 crore).
Delhi saw 57,184 claims followed by Telangana (52,122), West Bengal (38,021), Uttar Pradesh (33,653).
The general insurance stack
The premiums collected by ICICI Lombard, the largest private sector general insurer, grew 5 per cent at Rs 14,003 crore, though its health business fell 6%. The takeover of Bharti Axa General Insurance will make it the second-largest domestic insurer.
United India Insurance, the second-largest general insurer. saw premium shrink 5% to Rs 16,710 crore in fiscal 2021.
Bajaj Allianz General Insurance, with a gross premium of Rs 12,569 crore, pipped Oriental India Insurance, which reported a premium of Rs 12,449 crore, as the fifth-largest general insurer.
At Rs 12,295 crore, HDFC Ergo General Insurance posted a 28% growth in premium collected.