The Hindu : Business : General insurance premium income up

Online edition of India's National Newspaper
Tuesday, Jul 11, 2006

Business

Business

General insurance premium income up

Special Correspondent

ICICI Lombard in close competition with PSUs

NEW DELHI: The general insurance industry posted a growth of 21 per cent in April-May this fiscal with the private player ICICI Lombard in close competition with the four non-life insurance companies in the public sector. The period under reference also marked the entry of Star Health and Allied Insurance into the fray on May 18 as the first standalone health insurance company.

During the two months, the 12 non-life insurers mopped up Rs. 4,717 crore in premium as compared to Rs. 3,877 crore in the same period in 2005-06, according to data compiled by the Insurance Regulatory and Development Authority (IRDA).

Giving keen competition to the four general insurance PSUs — New India Assurance, Oriental Insurance, United India and National Insurance — ICICI Lombard came a close fifth with collections of Rs 589.50 crore and accounting for a market share of 12.49 per cent. New India Assurance continued to be the pack leader with 15 per cent higher premium collections at Rs. 709.54 crore and a market share of 20.69 per cent.

At the second spot was Oriental Insurance with a market share of 15.49 per cent, having collected Rs. 731 crore as premium, an increase of more than seven per cent as compared to the mop-up during April-May 2005.

United India Insurance came third with a 15.04 per cent share of the market and a seven per cent higher premium income at Rs. 709.50 crore, while National Insurance accounted for the fourth spot with a market share of 14.03 per cent and a three per cent higher premium mop-up at Rs. 662 crore.

Among the private sector players, the eight companies led by ICICI Lombard collected Rs. 1,638 crore as premium during the two-month period.

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