Anil Dhirubhai Ambani Group's Reliance General Insurance has become the second largest non-life private insurer, toppling Bajaj Allianz, in terms of premium collections of Rs 221 crore (Rs 2.21 billion) in April.
This also catapulted the firm to the number one slot in the industry, including public sector, for the new premium generation for April, with collections of Rs 151 crore (Rs 1.51 billion), followed by industry leader ICICI Lombard at Rs 118 crore (Rs 1.18 billion), data available with Insurance Regulatory and Development Authority show.
ICICI remained at the top slot with total premium of Rs 448.65 crore (Rs 4.48 billion) in April, recording growth of 35.75
per cent over the corresponding period last year.
RGI recorded a 215 per cent jump at Rs 221.16 crore (Rs 2.21 billion) in premium collections as compared to Rs 70.3 crore (Rs 703 million) on y-o-y basis, outpacing the growth of all non-life private insurers which stood at 37.3 per cent, according to the IRDA data.
It contributed almost 43 per cent to the private non-life insurance sector in new premium segment and increased its share to 17 per cent as against 10 per cent in FY07 and three per cent in FY06.
