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MOSL: INDIA GENERAL INSURANCE: Industry premium up ~14% YoY in Oct’21 on strong performance from Fire and Health segments

INDIA GENERAL INSURANCE: Industry premium up ~14% YoY in Oct’21 on strong performance from Fire and Health segments

 

• Private players reported GWP of INR97.4b, implying growth of 13.7% YoY in Oct'21 and 12.5% in FY22YTD, in line with industry growth.
• Among the key players, New India / Star Health reported strong GWP growth of 35.1%/20.0% YoY. On the other hand, Bajaj Allianz saw muted growth of 4.3% and ILOM (combined with Bharti AXA) reported de-growth of 11.8% YoY, led by a sharp fall of 13.8% in the Motor segment.
• The overall industry GWP for the month came in at INR176.8b (up 13.7% YoY). Growth was driven by a strong performance of 34.0%/23.3%/22.1% from the Health/Fire/Marine segment, whereas the Motor segment saw muted growth of 2.3%.
• In FY22YTD, New India has seen the highest market share gains of 116bp at 15.5%. Among the private players, ILOM's market share stands at 8.1% (-72bp YoY).

 Health biz up 34% YoY in Oct’21 on continued gains in Group Health biz

The Health business grew 34.0% YoY, with Retail / Group Health up 11.9%/41.3%. Government schemes grew 1.8x on a small base; the Overseas Health segment saw robust growth of 70% YoY. The share of the Health segment in the overall industry GWP grew 448bp to 33.7% on an FY22YTD basis. SAHI reported GWP growth of 30.5% YoY. Within SAHI, growth in Star Health remained subpar v/s other peers at 20% due to capital constraints. ILOM reported further market share gains of 280bp in the Retail Health segment (+20bps in Sep’21) and +360bps in Group Health during the month. PSU players de-grew 5% YoY in the Retail Health segment, whereas growth in the Group segment remained healthy at 54%.