Public sector general insurers lose 9% market share

Wednesday 07, February, 2007 When it comes to life insurance sector, Life Insurance Corporation (LIC) leads the market and from the present statistics it can be said that it is regaining its the lost market share. However, on the contrary, the non-life public insures have lost a market share of 9% to the private insurers, which are fast gaining a good share of the total market pie. Figures released by Insurance Regulatory and Development Authority (IRDA) illustrate that general insurance business has lost 9% of market share in the first nine months of the present fiscal whereas in the corresponding year it lost 6%. The four public sector general insurers - National Insurance, Oriental Insurance, New India Assurance and United India Insurance together dominated 65% of the market till December 2006. The figure stood at 74% in December 2005. Overall, so far, the growth of the general insurance industry has increased by 24% where the total premium income garnered in the nine months stood at Rs. 18,577 crore.

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