General insurance industry records 24.1% growth
The general insurance industry has recorded a 24.1% increase in premium collection at Rs 16,577.7 crore in the first eight months of the fiscal against Rs 13,350.1 crore during same period previous year, according to data compiled by Insurance Regulatory and Development Authority (IRDA).
The market share of new players continued to stay at 35% in the current fiscal, up from 26% last year. While 35% was contributed by the eight private players and remaining 65% came from the four public sector players — New India, Oriental Insurance, National Insurance and United India.
ICICI Lombard grew premium collection by over 90% to Rs 2,078.6 crore in the April-November period followed by Bajaj Allianz General Insurance, which saw 35.3% increase in premium income at Rs 1,158.8 crore.
Market leader New India grew business by 10% to Rs 3,337.1 crore in April-November, the highest premium collection by any company during the period. Clocking 13.6% growth, Oriental Insurance collected Rs 2,647.8 crore in premium, while National Insurance witnessed a mere 5.06% growth in business at Rs 2,311.6 crore during the period.
United India increased premium collection by 12.3% to Rs 2,093 crore. Among the private players, Reliance General posted a record growth in premium of 419.53% at Rs 100.25 crore during the period under review.
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