General Insurance grows by 15.4%

Last updated on: February 22, 2006 at 5:42 am by Desh Kapoor

Insurance is a high growth industry in India ever since the Private sector has entered! Here is the story of an amazing growth rate!

Led by private players, the general insurance industry grew by 15.4% till December this fiscal. Despite sluggish growth of PSU non-life insurers, the 12 players collected Rs 15,091 crore in April-December this fiscal against Rs 13,078 crore a year ago, up 15.4%, according to data by Irda. State-owned New India Assurance was at the top, up 12.7% to collect Rs 3,471 crore in premium and a market pie of 23%. Delhi-based Oriental Insurance was at No 2, logging 13.4% growth in premium income at Rs 2,626 crore, cornering 17.4% of market. National Insurance saw business fall by 7.3% to mop up Rs 2,625 crore. Another PSU insurer United India saw a flat growth to collect Rs 2,358 crore and a market share of 15.6%. In the private space, ICICI Lombard grew 88% to collect Rs 1,222 crore and was the top private player, followed by Bajaj Allianz which grew by 58% to pocket Rs 963 crore.