Reliance General emerges as fastest-growing non-life insurer

14 November 2006

Reliance General has emerged as the fastest-growing general insurer during the first half of the financial year, according to figures released by the Insurance Regulatory and Development Authority (IRDA).

According to IRDA figures, Reliance General's premium income shot up by a whopping 396.12 per cent during the first half of the fiscal (April-September), from Rs76.09 crore in H1 of 2005-06, to Rs377.53 crore in the corresponding period this year.

ICICI Lombard came second in terms of growth, with its premium income shooting up by 85.34 per cent (from Rs822.91 crore in H1 of 2005-06, to Rs1,525.16 crore in H1 of the current fiscal.

Private non-life insurers took all the top slots in terms of growth, though they expanded from a small base. IFFCO-Tokio's premium income expanded by 53.37 per cent, Tata-AIG's by 36.73 per cent, Bajaj Allianz's by 34.82 per cent, Royal Sundaram's by 28.42 per cent, and Cholamandalam's by 25.44 per cent.

HDFC Chubb was the only non-life insurer (both in the private and public sectors) that saw a decline in premium income in H1 of the fiscal: it fell by 1.64 per cent.