India’s Leading BFSI and FinTech Companies 2021

44 General Insurance 0 100 200 300 400 500 600 700 800 900 1000 Public Sector Insurers Private Sector Insurers Standalone Health Insurers Special ized Insurers ` bn Premi um underwritten by general insurers FY19 FY20 In FY20, the general insurance sector received total direct premium of ` 1.89 trillion as against ` 1.69 trillion in the preceding year, registering a growth of 11.5%. Amongst segments, private sector insurers which account for around 48% of the general insurance market clocked 11.6% growth in premium in FY20 over a 24.3% growth in the previous year. Public sector insurers, with a market share of 38.8%, reported a faster growth of 6.7% in direct premium in FY20 as against a modest 1.3% growth in FY19. Fire 8% Marine 2% Motor 37% Health 30% Others 23% Segment-wise premiumrevenue in FY20 The motor insurance business, which continued to be the largest general insurance segment with a market share of 37% reported a decline in premium growth to 6.9% in FY20 as against 8.9% in FY19. The premium collection in the health segment also witnessed deceleration with 11.9% growth in FY20 vis-a-vis 21.1% growth in FY19. Premium underwritten for fire insurance segment reported a substantial increase in growth to 34.8% in FY20 from 8.2% in FY19, leading its market share rise to 8% in FY20 from 6.9% in FY19. 0 20 40 60 80 100 120 140 Public Sector Private Sector Standalone Health Insurers Special ised Insurers % Incurred cl aims ratio of general& health i nsurers FY19 FY20 In FY20, the net incurred claims of general insurers rose by 7.3% to ` 1.1 trillion. While private sector, standalone health insurers & specialised insurers reported an increase of 16.2%, 35.5% and 16%, respectively in net incurred claims in FY20, public sector insurers registered a small decline of 1.1% in net incurred claims in the same year. The ratio of net incurred claims to net earned premium (Incurred claims ratio) of general insurance industry fell to 85.9% in FY20 from 89.2% in FY19. Fire & marine segments reported a significant decline in incurred claims ratio to 78.1% and 71.3% respectively in FY20. Dun & Bradstreet