Health insurance premium at the industry-level in Jul'21 grew by a strong 43% YoY and 25% MoM. Fire insurance premium too staged robust 20% YoY growth. Motor GDPI grew 9% YoY during the month. Bajaj Allianz General Insurance ( BAGIC) market share gains across key segments has been noteworthy in Jul'21.
- Overall GDPI grew 43% YoY and 25% MoM.
- BAGIC reported GDPI surge of 480% YoY. SAHI reported 27% YoY rise while that by ICICI Lombard (ICICIGI) was flat.
- In terms of market share, ICICIGI / SAHI market shares fell to 3.5% / 23.8% (down 26bps / 263bps) sequentially. BAGIC's share though rose sharply to 13.3% in Jul'21 vs 2.7% in Jun'21.
- Motor GDPI grew 9% YoY. Within it, ICICIGI reported flat YoY growth while that by BAGIC was 14.3%. On MoM basis, overall GDPI grew 7.6%, in which ICICIGI and BAGIC reported 11% and 9% respectively.
- In terms of market share, ICICIGI witnessed sequential improvement to 9.3% while BAGIC's was stable.
- Fire insurance premium at industry level registered robust 20% YoY growth. The corresponding growth rates for ICICIGI / BAGIC were 41% / 46% YoY respectively.
- In terms of market share, ICICIGI and BAGIC each reported >200bps sequential gain in Jul'21.