General public insurers have lost ground to private insurers, especially in the automotive segment, their share falling to 32.6 percent in August from 36.6 percent a year ago. On the other hand, the private sector improved its share to 67.4% in the benchmark month from 63.4% in the period of the previous year, shows an analysis of monthly data by Care Ratings.
In fiscal year 2018, public sector players held a market share of 46.5% of total automotive segment premiums, while private players held 53.5%.
In fiscal 2019, the respective share fell to 40.7 percent for the public sector while it jumped to 59.3 percent for private players. The share of public sector actors fell to 36.8 percent in FY20 and fell further to 34.2 percent in FY21, while that of private actors fell to 63 , 2 percent in fiscal year 20 and
accelerated to 65.8% in FY21, according to the Care report.
Likewise, in fiscal year 2018, the public sector held a 37.5% market share of the automotive OD (own damage) market, and private players held 62.5%, which decreased and increased to 32.5% and 67.5% respectively in FY19 and further to 28.3 percent and 71.7 percent, respectively in FY20.
In fiscal year 21, the respective shares were 25.5 percent and 74.5 percent. In August 2020, the pie was 27.8% and 72.2% and fell further to 24.3% and 75.7% respectively.
It is only in the automotive construction sector (third party) that the public sector has a certain room for maneuver since it held a market share of 52.7% against 46.3% for private players during fiscal year 2018, but within a year they also lost it.
In FY19 it fell to 46.5% and to 42.2% in FY20, while for private players the pie fell to 53.5% in FY19 and 57.8% in FY20.