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Archive for April, 2023

Government owned General Insurers thinking to re-deploy 20,000 employees in marketing

Posted on: April 18th, 2023 by hema kashyap No Comments

India’s four public-sector general insurers are reviewing a proposal recommended by the global professional services firm EY, to deploy their 50% of the staff from every Indian office in marketing.

This proposal, if accepted, could bring about a big change in the Indian Insurance market, with entry of nearly 20,000 employees of these four general insurance companies for Insurance marketing. There are about 40,000 employees all across India, spread over 8,000 offices of National Insurance, Oriental Insurance, United India Insurance, and The New India Assurance.

EY has been appointed by these four government-owned non-life insurers to review and recommend restructuring their operations.

Indian Public sector General Insurers’ combined market share slips

Posted on: April 10th, 2023 by hema kashyap No Comments

Four public sector general insurance companies of India have lost their combined market share by 1.75% year-on-year basis, capturing 32.27% share for the financial year ended on 31st March 2023 (FY2023). All leading public sector general insurers — New India Assurance, United India Insurance, Oriental Insurance Company and National Insurance Company — reported loss of market share in FY2023 in terms of gross direct premium underwritten, due to intense competition from private players in the non-life insurance business.

The weaker underwriting performance of the four public sector insurers has limited their overall profitability and solvency position. The high losses in underwriting along with extremely low solvency ratios allow limited headroom for them to underwrite new business.

Insurer Market Share Premiums
FY2023 Y-o-Y Change FY2023 (INR mn) Y-o-Y Change
New India Assurance 13.42% -1.33% 344,871.5 5.87%
United India 6.87% -0.25% 176,433.2 12.22%
Oriental 6.08% -0.13% 156,095.7 13.85%
National 5.90% -0.04% 151,557.6 15.47%

The premium income rose lesser than the average growth for the non-life market, for these 4 public sector general insurers. As per General Insurance council’s report, the total gross direct premium underwritten by non-life insurance companies in FY2023 grew by 16.36% to INR 2.57 tn ($ 31.4 bn) from INR 2.21 tn in FY2022.

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