Standalone health, private multi-line insurance players see more gains

Target prices though indicate decent upside in Star Health, and minor gains in ICICI Lombard

The non-life-insurance industry had moderate growth of 15 per cent year-on-year (Y-o-Y) in August 2023. Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.

Private general insurance players maintained 54 per cent market share with moderate 17 per cent