Synopis on General/Health Insurance industry for February 2021

General Insurance industry continued its positive momentum by growing in February as well with both PSU & private players registering growth though PSU player’s growth was flat at 1.03% and private players growing by 15.31%

Few large players grew at handsome pace in February, notable ones being HDFC Ergo at 42.04%, Reliance General at 30.21% & SBI General at 21.90%. Smaller players continued to grow at scorching pace, notable among them being Raheja QBE at 57.06%, Acko General at 22.84% & Kotak General at 17.66%. Edelweiss General growth slowed down to 8.66% whereas Navi General de-grew by 5.97%

On a YOY YTD basis, GI industry is growing, albeit very small growth of 2.47%. Few large players have kept their head above the water & have registered growth. The companies that registered growth are Future Generali India, HDFC Ergo General, ICICI Lombard, IFFCO Tokio General, Magma HDI General, Reliance General, SBI General, Tata AIG General, New India Assurance, Universal Sompo General. Acko General, Edelweiss General, Go Digit General, Kotak Mahindra General

Few companies are de-growing on a YOY YTD basis, which are Bajaj Allianz General. Cholamandalam MS General, NAVI General, Liberty General, National Insurance Co. Royal Sundaram General, Shriram General, Oriental Insurance & United India Insurance

Health Insurance industry continued to grow in double digits but the initial euphoria seems to be disappearing with vaccine becoming a reality & people getting back to their old ways of throwing caution to the wind.

While the overall industry grew at 20.86%, frontrunners of growth were Max Bupa with 45.80%, Manipal Cigna with 29.61% & Star Health with 19.93%. Growth seems to have slowed down for Aditya Birla Health in February.

On a YOY YTD basis, Star Health continues to grow at 36.70% which is quite remarkable considering the huge base number. Aditya Birla Health is growing at 46.45% followed by Max Bupa Health at 38.02% & Manipal Cigna at 27.39%

Source: irdai. Disclaimer- these are personal views.