The Hindu Business Line : United India bucks trend; business dips in August

UNITED India Insurance's performance dipped in August this year after it lost some big accounts, even as the general insurance industry's premium grew by 14.5 per cent over August last year.

United India was the only company among the 13 general insurance companies to witness a fall in business. The company's officials could not be reached for comment, but industry hands said it had lost a couple of big accounts in the recent past.

Data released by the regulator, Insurance Regulatory and Development Authority, showed that the industry's premium in August 2004 was Rs 1,338 crore (Rs 1,168 crore). The four public sector companies' premium was Rs 1,105 crore, a growth of 7.7 per cent over the previous year.

United India's premium in August 2004 was Rs 241 crore, about 2.79 per cent lower than the previous August's premium of Rs 244 crore.

National Insurance recorded the fastest growth among public sector companies. The company's premium in August 2004 was Rs 298 crore (Rs 253 crore), higher by 23.63 per cent. In the current fiscal, National Insurance's market share was 21.93 per cent, next only to market leader, New India Assurance's 22.12 per cent.

Among the private sector companies, Bajaj Allianz registered the largest business in August. The company collected a premium of Rs 61 crore (Rs 18 crore).