General insurance industry grew by 15 per cent in the first half of 2005-06 mainly due to strong performance by ICICI Lombard, Bajaj Allianz and Iffo-Tokio as private players cornered nearly 26 per cent of the market.

The 13 non-life insurers collected Rs 10,415 crore in premium till September, 2005 compared to Rs 9,025 crore a year ago despite over six per cent fall in the business of Oriental Insurance and Reliance General, according to data compiled by insurance regulator IRDA.

With competition intensifying between public and private sector players for new business, the private players together have increased their market share to 25.81 per cent from 18.52 per cent in the previous year period.

Market leader New India Assurance grew business by 10.59 per cent to collect Rs 2,282 crore in premium till September this year and had a market share of 21.91 per cent. | Read more Finance news. |

Despite over six per cent fall in National Insurance's business, it was at the second spot by collecting Rs 1,780 crore with a market share of 17.09 per cent.

Delhi-based Oriental Insurance collected Rs 1,761 crore by logging 12.61 per cent growth in premium income and cornered 16.92 of market.

United India expanded its business by a mere 2.86 per cent to collect Rs 1,628 crore in premium and a market pie of 15.64 per cent.

Export Credit Guarantee Corporation (ECGC) collected Rs 274 crore in premium and a market share of 2.63 per cent.

Among the private players, ICICI Lombard was at the top by doubling business to Rs 823 crore and cornered 7.90 per cent of the market.

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