Page 5 - Insurance Times JUNE 2022

General Insurance

News

Private sector General In- of 45%/27%/25% year-on-year, while Insurance keeping in mind the insur-
standalone health insurance compa- ance requirements of the farmers. For
surers lead market share
nies' growth slowed to 23% (versus instance, the premium cycles of these
growth in April 2022 30% in March 2022). PSUs continue to products have been structured around
lag," Jefferies said in a report. the harvest season to enable farmers
Private sector general insurance com-
to pay their insurance premiums con-
panies continued to grow faster than
the industry in April 2022, driving the Faarms partners Reliance veniently. This will allow farmers to
reap the benefits of uninterrupted in-
24% industry growth, chipping away General to offer insurance
market share from their public sector surance coverage.
to farmers
peers, data released by the IRDAI "Reliance General Insurance has been
showed. Agri-tech start-up FAARMS, in associa- known to come up with innovative In-
tion with Reliance General Insurance surance products and it is a moment
Among the large private sector gen-
Company Ltd. (RGICL), has introduced of pride for us to have an opportunity
eral insurance companies, SBI General
customized digital insurance solutions to work together for the farmers of our
grew the fastest at 45% over the last
for the rural population especially the country. From just being an Agritech
year followed by Tata AIG (42%) and
farmers. The partnership is aimed at firm, we aim to become a Rural Tech
ICICI Lombard General Insurance
offering comprehensive financial pro- company catering to the needs of ru-
(33%).
tection to the uninsured individuals of
ral Indians and this a step closer to our
Though New India Assurance main- the country.
dream", said Taranbir Singh, Co-
tained its numero uno status with a
Faarms is a single point e-commerce founder & CEO of Faarms.
21% market share, it was down from
platform for farmers for all farming
22% a year ago, indicating the intense
related inputs from seeds, agrochemi- Govt keen on privatizing
competition that public sector compa-
cals, machinery and animal feed in In-
nies are facing from their private sec- general insurer this year
dia. Currently Faarms is connected to
tor rivals.
farmers in Punjab, Haryana, UP, Success with the initial public offering
ICICI Lombard consolidated its position Uttarakhand, Rajasthan, Gujrat & MP. (IPO) of Life Insurance Corp. of India
as the second-largest general insur- (LIC) may prompt the government to
Under this collaboration, not just the
ance company with an 11% market privatize one of its general insurance
farmers but any individual from these
share, up from 10% last year. companies this year according to
regions can conveniently access and
sources.
"ICICI Lombard also maintained strong choose from a range of health and
momentum, likely driven by health cattle insurance on the FAARMS app at After the listing of LIC, the government
(both retail and group), motor volume the touch of a button on their will start work to identify one of its
pickup and price hikes in motor own smartphones. The features and offer- three general insurers-National Insur-
damage. Private peers like SBI Gen- ings of the insurance products are spe- ance Co., United India Insurance Co.
eral, HDFC Ergo and Bajaj had growth cially customized by Reliance General and Oriental India Insurance-for
The Insurance Times, June 2022 5