Public sector GIs losing motor segment share

Mumbai, October 15

Even as the motor insurance segment, which had a massive decline in FY21, is returning to the growth path, public sector general insurers have been steadily losing ground to the private insurers overall and more so in the bread and butter motor segment, with pie crimping to 32.6% in August, down from 36.6% a year ago.

As against this, the private sector has improved their market pie to 67.4% in the reporting month from 63.4% in the same period last year, shows an analysis of the monthly data by Care Ratings. That the decline is so stark for the public sector players is clear from the FY18 market share number when they held 46.5% of the total motor segment premia, while private players had only 53.5% then. — PTI