A Comparative Study of Financial Performance of Select Non-life Insurance Companies

Insurance is a type of financial product that provides a financial safety net against loss or damage in exchange for regular payments known as premiums. In insurance, a person or entity is insured and another party, the insurer, provides coverage for specified losses or damages. A well-developed insurance sector contributes for the growth of any country to a greater extent. The efficiency of insurance sector can be measured by studying its financial performance. The present study focuses on comparing the financial performance of select non-life insurance companies during the period 2010-11 to 2021-22. Two public sector companies- The New India Assurance Company Ltd and National Insurance Company Ltd and two private sector insurers- ICICI Lombard and Bajaj Allianz are considered for the study. The company’s financial position is studied using CARAMEL Analysis. It was concluded that The New India Assurance Company Ltd leaded the select companies under study.