PSU general insurers' market share dips marginally, says IRDA

Market share of public sector general insurers dropped to 55.61 per cent in FY13 from 57.80 per cent in the previous fiscal despite a rise in premium collection during the period, sector regulator IRDA said in its annual report.
Meanwhile, market share of private sector insurers rose to 44.39 per cent during the reporting period from 42.20 per cent in FY12, the report said.
"In case of public sector non-life insurers, all four companies expanded their business with an increase in their premium collections. However, their combined market shares decreased from the previous year," the Insurance Regulatory and Development Authority (IRDA) said.

While United India's market share declined to 14.71 per cent in FY13 from 15.47 per cent in FY12, National Insurance's market share decreased to 14.56 per cent from 14.73 per cent in FY12.
Similarly, New India Assurance's market share declined to 15.94 per cent in FY13 as against 16.16 per cent in the previous fiscal, while Oriental Insurance's market share slipped to 10.41 per cent from 11.44 per cent.
As per the annual report, the New India Assurance remained the largest non-life insurer in FY13, with a market share of 15.94 per cent and a premium of Rs 10,038 crore.

The report pointed out that the motor insurance business continued to be the largest segment with 47.05 per cent share in FY13, while health insurance segment constituted 22.19 per cent during this period.
During the last fiscal, underwriting losses for the industry declined by 20.88 per cent to Rs 6,984 crore from Rs 8,827 crore reported in FY12.