Private insurers market share increases to 26 per cent

05 December 2005

New Delhi: According to data compiled by insurance regulator IRDA, private insurers like ICICI Lombard, Bajaj Allianz and Iffo-Tokio have cornered nearly 26 per cent of the market in the first half of 2005-06, helping the insurance industry to grow by 15 per cent.

The 13 non-life insurers collected Rs10,415 crore in premium till September, 2005, compared to Rs9,025 crore a year ago, despite over six per cent fall in the business of Oriental Insurance and Reliance General Insurance.

Among the private players, ICICI Lombard was at the top, doubling business to Rs823 crore and grabbing 70 per cent of the market.

PSU market leader New India Assurance grew business by 10.59 per cent, to collect Rs2,282 crore in premium till September this year, and had a market share of 21.91 per cent.
Despite over six per cent fall in National Insurance's business, it was at the second spot by collecting Rs1,780 crore with a market share of 17.09 per cent.

Delhi-based Oriental Insurance collected Rs1,761 crore by logging 12.61 per cent growth in premium income and cornered 16.92 of market.

United India expanded its business by a mere 2.86 per cent to collect Rs1,628 crore in premium and a market pie of 15.64 per cent.