The Hindu Business Line : `Private non-life insurers increase share to 26 pc'

Of course, this has come at the expense of the PSU insurers - - New India Assurance, National Insurance and Oriental Insurance Company, an Assocham Eco Pulse (AEP) study has revealed.

According to the study, the market share of the private insurers increased from 18.95 per cent last fiscal to 25.89 per cent in the first quarter of this fiscal, while that of public sector players saw a decline from 81.07 per cent to 73.74 per cent during the same period.

The non-life insurance market during the quarter ended June 2005 grew by 14.75 per cent against 14.05 per cent growth in corresponding quarter of previous fiscal.

"Despite the emergence of new players, the insurance penetration in India is still low, leaving a lot of potential to be tapped," said Assocham President, Mr Mahendra K. Sanghi.

Though the overall non-life insurance market has not shown a significant quarter-on-quarter growth in premium collections since last fiscal, the growth registered by the private players is noteworthy, said Mr Sanghi.

Insurance companies in the private non-life insurance segment saw 56 per cent growth in their premium collections against a 48 per cent growth registered in first quarter of the previous fiscal.

Public sector insurers recorded 4.97 per cent increase in the premium incomes against 8 per cent growth last fiscal.

Among the private insurance companies, ICICI Lombard, Bajaj Allianz, IFFCO Tokio, and Royal Sundaram have seen a steady increase in their market shares.

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