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General insurance logs 16% growth

Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz, pushed the general insurance industry growth to 16% in April-February of ’06. The 12 non-life players together mopped up Rs 18,414 crore in premium till February last fiscal even as National Insurance (NIC) and Reliance General continued to see decline in business, according to data compiled by IRDA.

Market leader New India Assurance collected Rs 4,281 crore in first year premium by logging 15% growth to corner 23.3% of the market. Kolkata-based NIC was at second spot despite seeing 6.5% decline in premium income at Rs 3,202 crore and had a market pie of 17.4%. Delhi-based Oriental Insurance was close behind NIC by collecting Rs 3,200 crore in premium and a market share of 17.4%. United India Insurance grew by mere 5.7% to garner 15.4% of the market after it collected Rs 2,839 crore in premium.

 

(http://economictimes.indiatimes.com)

 
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