Renewed growth focus for captive players is notable, underlines the competitive intensity within motor
In this report, we try to compare the performance of key captive insurers like Cholamandalam MS (Chola), Shriram General (Shriram) and Royal Sundaram (RS) with non-captive multiline non-life insurance players. Key takeaways include: (1) Captive players like Chola/Shriram have seen overall strong growth in 9MFY23, (2) higher expense ratio of these players highlights the competitive intensity in the motor segment.