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Private sector insurers carve out 25 per cent share in non-life insurance segment
New Delhi: The private sector insurers have taken their share of the non-life insurance segment to over 25 per cent in the first quarter of this fiscal, according to an Assocham Eco Pulse study.

While the market share of the private non-life companies increased from 18.95 per cent last fiscal to 25.89 per cent during April-June 2005, the public-sector players like New India Assurance, National Insurance and Oriental Insurance Company saw a decline in their market share from 81.07 per cent to 73.74 per cent, the study has revealed.

The non-life insurance market during the quarter grew by 14.75 per cent against 14.05 per cent growth in the year-ago period. The premium income grew to Rs5,504 crore this quarter against Rs4,796 crore during last fiscal.

Among the private players, ICICI Lombard came first with 7.69 market share, followed by Bajaj Allianz (5.38 per cent), IFFCO Tokio (4.29 per cent), TATA AIG (3.07 per cent), Royal Sundaram (2.19 per cent) and Cholamandalam (1.3 per cent).

Overall, the private players have created a niche for themselves in the insurance space by way of customised and innovative insurance products to meet the needs of target customers, customer focused service, professional advice and fast servicing of claims.

Increased customer awareness through advertising campaigns, seminars and workshops organised by these private players are also responsible for the booming growth of the private players versus the public players.

Insurance companies in the private non-life insurance segment saw an impressive 56 per cent growth in their premium collections against a 48 per cent growth registered in the first quarter of previous fiscal. In sharp contrast to this, the state run firms recorded 4.97 per cent increase in the premium incomes against 8 per cent growth last fiscal.
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LIC targets the sale of one crore Bima Gold policies
Mumbai: The Life Insurance Corporation intends to sell one crore policies of Bima Gold, its special product launched on the occasion of its golden jubilee last week, according to its chairman, A.K. Shukla.

Bima Gold, a money-back plan with flexible premium payment options, also offers an auto cover feature, which ensures that the policy will not lapse even if the premiums are not paid for two years.

According to Shukla, LIC expects that the policy would cover many people from the rural areas since the minimum sum assured is only Rs40,000. LIC also plans to introduce two or three more products by the end of the year, he added.

LIC will also set up 29 `Satellite Sampark' offices across the country this year to allow customers to deposit premium, know the status of their policy and get information about other products.

In terms of new business premium growth, the company has set a growth target of 30 per cent. According to Shukla, LIC has set a target of Rs1,00,000 crore for the fiscal.
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IOB to market products of five mutual funds
Chennai: Indian Overseas Bank has entered into an MoU with five mutual funds for the marketing of their products.

The companies signed on by Indian Overseas Bank are the Sundaram Mutual Fund, Principal PNB Mutual Fund, Tata Mutual Fund, Franklin Templeton Fund and the Cholamandalam Mutual Fund.

The bank also handles business in life insurance products in association with the Life Insurance Corporation of India and non-life insurance products in association with the National Insurance Company.
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