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.
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