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Rediff News  All News  » Business » Insurance logs 16% growth in Apr-Feb

Insurance logs 16% growth in Apr-Feb

April 10, 2006 17:24 IST

Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz pushed the general insurance industry growth to 16 per cent in April-February of 2005-06.

The 12 non-life players together mopped up Rs 18,414 crore (Rs 184.14 billion) in premium till February last fiscal even as National Insurance and Reliance General continued to see decline in business, according to data compiled by regulator IRDA.

Market leader New India Assurance collected Rs 4,281 crore (Rs 42.81 billion) in first year premium by logging 15 per cent growth to corner 23.25 per cent of the market.

Kolkata-based National Insurance Company was at second spot despite seeing 6.46 per cent decline in premium income at Rs 3,202 crore (Rs 32.02 billion) and had a market pie of 17.38 per cent.

Delhi-based Oriental Insurance was close behind NIC by collecting Rs 3,200 crore (Rs 32 billion) in premium and a market share of 17.37 per cent.

Another PSU insurer United India Insurance grew by mere 5.68 per cent to garner 15.42 per cent of the market after it collected Rs 2,839 crore (Rs 28.39 billion) in premium.

The eight private players expanded business by average 51 per cent to increase their market share to 26.5 per cent from 20.4 per cent a year ago after collecting Rs 4,890 crore (Rs 48.9 billion) in premium in the first 11-months of 2005-06. 

The private pack was led by ICICI Lombard, which logged
78 per cent growth in premium at Rs 1,468 crore and had a market pie of 7.97 per cent.

Bajaj Allianz General Insurance grew business by 51 per cent to collect Rs 1,165 crore (Rs 11.65 billion) in premium and a market pie of 6.32 per cent.

Iffco-Tokio expanded business by 76 per cent to collect Rs 779 crore (Rs 7.79 billion) in premium and 4.23 per cent of the market.

Tata AIG collected Rs 540 crore (Rs 5.4 billion) in premium, followed by Royal Sundaram (Rs 407 crore or Rs 4.07 billion), Cholamandalam (209 crore or Rs 2.09 billion).

HDFC Chubb mopped up Rs 177 crore (Rs 1.77 billion) in premium income while Reliance General, which saw 5.8 per cent decline in business, collected Rs 144 crore (Rs 1.44 billion).

Export Credit Guarantee Corporation, which is exclusively into credit insurance, grew by 11 per cent to collect Rs 514 crore (Rs 5.14 billion) in premium in April-February of 2005-06.

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