General Insurance sector grows 30 percent
Mumbai, December 17, 2006
The private sector is looking at achieving supremacy in the country's General Insurance space with an above-average growth rate of 66 percent in November.
The overall General Insurance industry registered an annual growth rate of 30 percent last month, while taking the total industry size to Rs 2,021 crore, the latest data available with market regulator IRDA shows.
The private sector expanded its market share to 35 percent last month, from 27 percent a year ago. However, the public sector retained its leadership position despite a drop in its market share to 65 percent at the end of November.
While New India Insurance retained its position as the country's largest General Insurance player, Reliance General, the General Insurance arm of the Anil Dhirubhai Ambani Group, toppled Tata AIG as the fourth largest private player.
ICICI Lombard maintained its numero no position in the private sector, followed by Bajaj Allianz and Iffco Tokio at the second and third positions.
The top three public sector players were New India Insurance, National Insurance and United India Insurance last month. Reliance General has also emerged as the fastest growing private player with a year-over-year growth of 543 percent to touch business volume of Rs 75 crore last month
Mumbai, December 17, 2006
The private sector is looking at achieving supremacy in the country's General Insurance space with an above-average growth rate of 66 percent in November.
The overall General Insurance industry registered an annual growth rate of 30 percent last month, while taking the total industry size to Rs 2,021 crore, the latest data available with market regulator IRDA shows.
The private sector expanded its market share to 35 percent last month, from 27 percent a year ago. However, the public sector retained its leadership position despite a drop in its market share to 65 percent at the end of November.
While New India Insurance retained its position as the country's largest General Insurance player, Reliance General, the General Insurance arm of the Anil Dhirubhai Ambani Group, toppled Tata AIG as the fourth largest private player.
ICICI Lombard maintained its numero no position in the private sector, followed by Bajaj Allianz and Iffco Tokio at the second and third positions.
The top three public sector players were New India Insurance, National Insurance and United India Insurance last month. Reliance General has also emerged as the fastest growing private player with a year-over-year growth of 543 percent to touch business volume of Rs 75 crore last month