Data of Health Insurance Premium for different Insurance Companies of India for year 2012 -13 is now available and the total figure has reached Rs.15341 crores for the year ended March 31, 2013.
S. No. | Insurer | Premium | % Share |
1 | Apollo Munich | 598.75 | 3.90 |
2 | Bajaj Allianz | 594.85 | 3.88 |
3 | Bharti AXA | 195.49 | 1.27 |
4 | Cholamandalam | 287 | 1.87 |
5 | Future Generali | 139.13 | 0.91 |
6 | HDFC ERGO | 521.50 | 3.40 |
7 | ICICI Lombard | 1665.17 | 10.85 |
8 | IFFICO TOKIO | 210.79 | 1.37 |
9 | L&T | 26.37 | 0.17 |
10 | Magma HDI | 0.00 | 0.00 |
11 | Max Bupa | 206.42 | 1.35 |
12 | National | 2372.22 | 15.46 |
13 | New India | 2757.71 | 17.98 |
14 | Oriental | 1491.94 | 9.73 |
15 | Raheja QBE | 0.02 | 0.00 |
16 | Reliance | 295.53 | 1.93 |
17 | Religare Health | 38.39 | 0.25 |
18 | Royal Sundaram | 209.23 | 1.36 |
19 | SBI | 6.74 | 0.04 |
20 | Shriram | 0.00 | 0.00 |
21 | Star Health | 843.80 | 5.50 |
22 | TATA-AIG | 181.87 | 1.19 |
23 | United India | 2642.81 | 17.23 |
24 | Universal Sompo | 55.27 | 0.36 |
Grand Total | 15341 | 100.00 | |
On analysis of the data we find that % share of PSU companies is 60.39%. It is higher than overall market share of PSU's in Indian Insurance Market. This means that Health Insurance premium is strengthening the premium figure of PSU’s.
Rs. Crores | % Share | |
Public Sector | 9264.68 | 60.39 |
Private Sector | 6076.32 | 39.61 |
Grand Total | 15341 | 100 |
Among the 5 top Insurance Companies we have 4 PSU's and 1 Private Company. ICICI Lombard is at 4th position where else Oriental is behind it at 5th position. These 5 Insurance Companies have captured 71.25% market share. 19 Insurance Companies share 28.75%. Out of there Magma HDI / Raheja QBE are yet to introduce their product.
Top 5 Insurance Companies are | ||
Company | Rs. Crores | % Share of total Health Insurance market |
New India | 2757.71 | 17.98 |
United | 2642.81 | 17.23 |
National | 2372.22 | 15.46 |
ICICI Lombard | 1665.17 | 10.85 |
Oriental | 1491.94 | 9.73 |
Grand Total | 10929.85 | 71.25 |
There are 18 companies out of 24 who are having market share of less than 5%.
What is the learning from this study?
Is it worthwhile for players having less than 2% share to be in this complicated / complex business of Health Insurance. There are 14 Insurance Companies in this category which means 59% insurance companies of India are in this category and are having market share of less than 2%.
Should these companies focus on other portfolio? There are so many areas which are not being covered / insured. Health Care Equipment / Medical Equipment are one such area. Most of the companies have put this on decline list.
This is the world of specialization and market share. Let no one ignore it.