General insurance grows by 20% in April-August
Mumbai-based New India Assurance (NIA) grew business by 11.95 per cent to collect Rs 2,093 crore in premium in April-August this fiscal.
By PTI |
NEW DELHI: General insurance industry grew by 20 per cent in the first five months of 2006-07 supported by strong performance by private players, with the exception of HDC Chubb, which saw a decline in premium collections.
The 12 non-life players collected Rs 10,427 crore in premium during April-August 2006 as compared to Rs 8,668 crore in the corresponding period last year, according to data compiled by regulator IRDA.
Competition between eight private and four public sector general insurance companies may further intensify after detariffing from January 2007, since insurers would have a free hand in fixing product prices.
Market leader New India's market share has come down from 21.56 per cent a year ago to 20.07 per cent while private player ICICI Lombard's market pie has increased from 8.12 per cent to 12.31 per cent during the same period.
At present, the eight private players together have about 35 per cent of the market share.
Mumbai-based New India Assurance (NIA) grew business by 11.95 per cent to collect Rs 2,093 crore in premium in April-August this fiscal.
NIA was followed by Oriental Insurance Company, which clocked 11.63 per cent growth in business at Rs 1,667 crore and a market share of 15.99 per cent.
National Insurance saw a flat growth and collected Rs 1,542 crore in premium and a 14.79 per cent share of the market.
United India grew premium income by 7.19 per cent at Rs 1,488 crore and a market pie of 14.27 per cent.
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