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General Insurance Sector Check – Retail Health Premium Growth Remains Strong: ICICI Securities


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Gross domestic premium income growth has been robust in FY23-to-date on the back of strong growth in motor GDPI and continued momentum in health GDPI (group as well as retail).

The notable factor is the strong rebound in retail health premium over April-July when monthly industry retail health GDPI moved from Rs 21.5 billion in April 2022 to Rs 23.8 billion in May 2022 to Rs 26.3 billion in June 2022 to Rs 29.65 billion in July 2022.

Star Health and Insurance Allied Company Ltd. has been able to gain retail health market share in FY23-to-date. GDPI for non-life insurers grew 21%/16% YoY in FY23-to-date/July-2022.

Private insurers (excluding standalone health insurance) reported strong growth of 28%/16% in FY23-to-date/July-22 versus public sector undertaking insurers who reported a growth of 11%/15% during the same period.

Standalone health insurers reported 27%/24% YoY growth in FY23-to-date/July-22. ICICI Lombard General Insurance Company Ltd.’s GDPI growth of 29% in July-22 has been strong compared to private multiline players, while on year-to-date basis it has largely been in line at 28.4%.

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