Page 7 - Insurance Times January 2024

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Private General insurers Road deaths down 5% glo- and injuries were the "number one"
reason for killer of children and youth
expand market share to bally in 2021 from 2010: aged 5-29 years and 12th leading cause
53.58% in HIFY 23-24 WHO of death when all ages are considered.

Private General insurers increased The total number of people killed in
their combined market share to road crashes across the globe recorded PSU general insurers lose
53.58 per cent in gross direct pre- a 5% reduction in 2021 compared to
mium underwritten in the first half 2011 - from 1.25 million to 1.19 million, market share to private
of the current financial year from as per the Global Status Report on Road competitors
50.81 per cent in the year-ago pe- Safety released by the World Health Public sector general insurers have lost
riod.
Organisation (WHO). market share again with aggressive pri-
As many as 31 insurers from the vate companies taking the competition
While the report released, there was
non-life industry had underwritten to new levels. PSU insurers saw their
gross direct premiums of Rs 1.43 slight overall reduction in deaths despite combined market share declining to
lakh crore in the first half of the the global vehicle fleet more than dou- 31.99 per cent as of September 2023
current financial year, according to bling, road networks significantly ex- with a growth rate of 12.16 per cent,
data on segment-wise gross direct panding, and the global population ris- down from 32.76 per cent market share
premiums up to September 2023 ing by nearly a billion, India's record has in September 2022 with a growth rate
released by IRDAI. Private insurers deteriorated as the total number of of 6.43 per cent.
registered an annual increase of fatalities went up from 1.34 lakh in
14.86 per cent in gross direct pre- 2010 to 1.54 lakh in 2021 Moreover, New India is the largest insurer with a
miums. India's share in total road fatalities also market share of 13.09 per cent followed
by ICICI Lombard (market share 8.67
The non-life industry had under- increased from 11% to 13%.
written gross direct premium (GDP) The WHO, in its report compiling data per cent) and Bajaj Allianz (market
of Rs 1,25,194 crore in the April- from 170 member countries of the share 7.69 per cent). These top 3 insur-
September period of 2022-23. ers have combined market share of
United Nations, said that the "slight
"Private general insurers have a decline" in road fatalities shows that 29.46 per cent with a growth rate of
combined market share of 53.58 efforts to improve road safety are work- 18.45 per cent. Eight insurers have
per cent YTD September 2023 with more than 5 per cent market share of
ing but fall far short of what is needed
a growth rate of 21.13 per cent as to meet the target of the United Na- total non-life domestic premium as of
compared to a market share of September 2023. "Non-life industry had
tions Decade of Action for Road Safety
50.81 per cent YTD September underwritten a gross premium of Rs
2022 with a growth rate of 21.33 2021-2030 to halve deaths by 2030. 143,802 crore with a growth rate of
per cent," IRDAI said. As per the report, road traffic deaths 14.86 per cent as compared to Rs

The Insurance Times January 2024 7