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Insurance: Public sector improve market share |
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Public sector general insurance companies collectively increased their market share in May. Three of them —Oriental Insurance, United India Insurance, and New India Assurance — reported a positive growth in terms of gross premiums underwritten. The fourth player — National Insurance — reported a negative growth. In May, the four public players together had a market share of 60.51 per cent against 59.39 per cent in the same period last year.
The private sector insurers reporting negative growth include ICICI Lombard (-19.7 per cent), Bajaj Allianz (-17.4 per cent), IFFCO Tokio (-13.26 per cent) and Tata AIG (-19.6 per cent). Reliance General, however, grew by 11 per cent in May after having de-grown in 2008-09. The relatively newer players have managed to post a good growth.
Both the standalone health insurance companies, Star Health and Allied Insurance (SHAI) and Apollo DKV Insurance, have registered a good three-digit growth in May. SHAI and Apollo DKV had a GWP of Rs 9.98 crore and Rs 9.57 crore respectively. Export Credit Guarantee Corporation of India grew by 16 per cent in May while Agricultural Insurance Company reported a positive growth of 76 per cent during the same period
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