Indian General Insurance Industry Registers 16% Growth

Tuesday 13, June, 2006  

India?s general insurance industry of 12 companies grew by 16% in 2005-06 collecting Rs20,378 crore (US$4 billion) in first year premium in 2005-06 compared to Rs17,531 crore in 2004-05.

The public sector New India Assurance Company collected Rs4,762 crore in premium and continued to lead the non-life sector by cornering 23.36% of the market. National Insurance Company was next with a market share of 17.29% followed by Oriental Insurance and United India Insurance.

The eight private players expanded their business by 52% to collect Rs 5,427 crore in premium income and increased their combined market share to 26.6% from 20.2% a year ago. ICICI Lombard led the private players by logging 80% growth in premium at Rs1,592 crore, followed by Bajaj Allianz, which grew by 50% to collect Rs 1,287 crore in premium. ICICI Lombard had a market share of 7.81% and Bajaj Allianz had 6.31% of the market.

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