The latest market capitalization of New India Assurance and ICICI Lombard stands close to ₹ 43,500 crore and ₹ 80,700 crore, respectively. This is even though the former's market share is at 16% versus about 8% of the latter. A deep dive into the comparative financials of the two reveals the reasons. To begin with, New India Assurance's underwriting losses are far higher than ICICI Lombard. For instance, in the December quarter (Q3FY24), New India's underwriting loss stood at ₹ 1,390 crore.