Insurance industry posts 12% growth in FY08

Written by Agencies | Mumbai, March 31: | Updated: Apr 1 2008, 00:11am hrs
The general insurance industry grew 12 per cent till February in 2007-08 with robust performance by private players including Reliance General, which continues to be the fastest growing insurer.

The 13 non-life insurers collected Rs 25,470 crore in premium till February in FY08, against Rs 24,998 crore collected in the last fiscal, according to the industry data.

During the period, the four public sector non-life insurance companies collected Rs 15,280 crore, as against Rs 14,686 crore in the same period last fiscal.

The private players increased their business from Rs 7,981 crore to Rs 10,190 crore during the period.

In percentage terms, while the public sector could increase their premiums by just 4 per cent, nine private sector players clocked premium growth of 28 per cent.

Private sector players market share has grown to about 40 per cent in FY08 so far as compared to the public sectors 60 per cent share.

Reliance General Insurance continues to be the fastest growing insurer with a premium collection of Rs 1,810 crore in this fiscal so far against Rs 803 crore in the same period last year.

During the period, market leader New India Assurance premium collection grew by six per cent to Rs 4,760 crore.

In the private sector space, the largest player -- ICICI Lombard -- collected nearly 12 per cent higher premium at Rs 3,143 crore.