Private general insurers grab 34% of market

Tuesday 20, June, 2006 Private players grew faster to corner more than one-third of the market and push the general insurance industry growth rate to 16.5 per cent in April.

The 12 non-life insurers collected Rs 2,703 crore in premium in April this fiscal compared to Rs 2,319 crore mopped up in the previous fiscal, according to data compiled by regulator IRDA.

In a significant development, 8-private players grew their premium by 45 per cent to Rs 926 crore in April and a market pie of 34 per cent compared to the market share of 27 per cent at the end of March, 2006.

On the other hand public sector players -- New India Assurance, Oriental Insurance, United India Insurance and National Insurance -- grew their premium income by only 5 per cent to Rs 1,776 crore.

Market leader New India Assurance logged 17 per cent growth to collect Rs 600 crore in premium and a market share of 22.22 per cent.

Oriental Insurance was at the second spot after it registered a flat growth in premium income at Rs 413 crore and had a market share of 15.3 per cent.

United India also saw a meagre 4 per cent increase in business at Rs 397 crore and 14.69 per cent of the market.

National Insurance has come down to the fourth position due to continuous decline in business as its premium income came down by 5 per cent in April to 365 crore and had a market pie of 13.5 per cent.

ICICI Lombard topped the private players by logging 63 per cent growth in premium at Rs 330 crore followed by Bajaj Allianz at Rs 182 crore.

ICICI Lombard had a market pie of 12.22 pert cent while Bajaj Allianz General Insurance had 6.75 per cent of the market.

Iffco-Tokio collected Rs 121 crore in premium (4.49 per cent) while Tata AIG mopped up Rs 108 crore in premium (4 per cent).

Others -- Reliance General collected Rs 70 crore, Royal Sundaram (Rs 65 crore), Cholamandalam (Rs 32 crore) and HDFC Chubb (Rs 16 crore).

Export Credit Guarantee Corporation, which is exclusively into credit insurance, saw 14 per cent fall in premium income at Rs 41 crore.

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