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ICICI Lombard close to Rs.1, 000 crore mark

Impressive show by two state-run insurers -- New India Assurance and United India Insurance -- along with aggressive growth of private players ICICI Lombard and Bajaj Allianz boosted growth in general insurance industry by 16 per cent during April-October this fiscal. ICICI Lombard, which is growing by about 100 per cent, is poised to cross the Rs.1, 000 crore premium income mark in November, a first among the private insurers.

In terms of rise in premium, ICICI Lombard tops the chart with Rs.466 crore till October, followed by New India (Rs.309 crore), Bajaj Allianz (Rs.287 crore), Oriental Insurance and Iffco-Tokio (Rs.235 crore each). Amid stiff competition, the 12 insurers collected Rs.11, 904 crore till October 2005 compared to Rs.10, 266 crore a year ago despite fall in the business of National Insurance and Reliance General, according to data compiled by IRDA. Market leader New India expanded business by 12 per cent to collect Rs.2, 751 crore in premium till October this year and had a market share of 23.11 per cent.

Oriental Insurance knocked down National Insurance from the second spot by logging about 13 per cent growth in business to collect Rs.2, 068 crore and cornered a market pie of 17.37 per cent. National Insurance's continues to see decline as its business further dropped by over seven per cent to Rs.2, 058 crore and had a market share of 17.29 per cent. United India grew its business by 4.43 per cent to collect Rs.1, 869 crore during the period, capturing 15.70 per cent of the market. Private players market share has increased to 26.5 per cent from 19.3 per cent a year ago thanks to robust growth of ICICI Lombard, Bajaj Allianz and Iffco-Tokio.  

(www.manoramaonline.com)

 
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