GENERAL INSURANCE GROWS & RELIANCE LEADS WAY
The General Insurance industry grew by 23% in the first quarter of this fiscal, as private players continue their impressive performance with Reliance General emerging as the fastest growing company.
The 12 non-life insurers collected Rs 6,629 crore in premium during April-June ’06-07, compared to Rs 5,372 crore collected in the same period a year ago, according to data compiled by regulator IRDA.
The eight private players’ increased their premium income by 60% to increase market share to 34% while four public sector players saw 10% growth in business leading to a further decline in market share.
By logging 244% growth in April-June, Reliance General has turned out to be a fast-growing insurer. With tariffs set to be dismantled from January next year, private players are likely to further consolidate and increase market share through their price negotiating skills.
Market leader New India Assurance grew premium collection by 16% at Rs 1,360 crore, but conceeded some ground as its market share fell to 20.51% from 21.74% in the year-ago period.
New Delhi-based Oriental Insurance was at the second spot after it increased premium income by 10% at Rs 1,034 crore and cornered a market pie of 15.6%.
United India Insurance grew business by 8.5% at Rs 971 crore and had a market share of 14.64%. National Insurance saw a flat growth to collect Rs 970 crore in premium and 14.63% of the market.
Top private player ICICI Lombard clocked 92% growth in premium collection at Rs 813 crore and had a market share of 12.27%.
Given its consistent growth rate of around 100 per cent, ICICI Lombard may overtake a few of the four established players - NIA, OIC, UII and NIC —this fiscal.
Bajaj Allianz General Insurance saw 41% growth in premium collection and a market pie of 6.78%, followed by Iffco-Tokio which collected Rs 364.5 crore and a market share of 5.49%.
Tata AIG collected Rs 222 crore (3.35%), Reliance General Rs 164 crore (2.47%) and Royal Sundaram Rs 155 crore (2.34%). Cholamandalam collected Rs 79 crore in premium while HDFC Chubb mopped up Rs 44 crore in the April-June period
The General Insurance industry grew by 23% in the first quarter of this fiscal, as private players continue their impressive performance with Reliance General emerging as the fastest growing company.
The 12 non-life insurers collected Rs 6,629 crore in premium during April-June ’06-07, compared to Rs 5,372 crore collected in the same period a year ago, according to data compiled by regulator IRDA.
The eight private players’ increased their premium income by 60% to increase market share to 34% while four public sector players saw 10% growth in business leading to a further decline in market share.
By logging 244% growth in April-June, Reliance General has turned out to be a fast-growing insurer. With tariffs set to be dismantled from January next year, private players are likely to further consolidate and increase market share through their price negotiating skills.
Market leader New India Assurance grew premium collection by 16% at Rs 1,360 crore, but conceeded some ground as its market share fell to 20.51% from 21.74% in the year-ago period.
New Delhi-based Oriental Insurance was at the second spot after it increased premium income by 10% at Rs 1,034 crore and cornered a market pie of 15.6%.
United India Insurance grew business by 8.5% at Rs 971 crore and had a market share of 14.64%. National Insurance saw a flat growth to collect Rs 970 crore in premium and 14.63% of the market.
Top private player ICICI Lombard clocked 92% growth in premium collection at Rs 813 crore and had a market share of 12.27%.
Given its consistent growth rate of around 100 per cent, ICICI Lombard may overtake a few of the four established players - NIA, OIC, UII and NIC —this fiscal.
Bajaj Allianz General Insurance saw 41% growth in premium collection and a market pie of 6.78%, followed by Iffco-Tokio which collected Rs 364.5 crore and a market share of 5.49%.
Tata AIG collected Rs 222 crore (3.35%), Reliance General Rs 164 crore (2.47%) and Royal Sundaram Rs 155 crore (2.34%). Cholamandalam collected Rs 79 crore in premium while HDFC Chubb mopped up Rs 44 crore in the April-June period