Financial Daily from THE HINDU group of publications
Saturday, Jan 11, 2003
Financial Daily from THE HINDU group of publications Saturday, Jan 11, 2003 |
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Money & Banking
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General Insurance Pvt general insurers rake in Rs 825-cr premium income Our Bureau
CHENNAI, Jan. 10 PRIVATE sector players in the general insurance sector fared no different from their counterparts in the life insurance sector while challenging state monopoly. According to figures released by Insurance Regulatory and Development Authority (IRDA), for the 8-month period ended November 2002, eight private sector general insurance companies (two began operations in October 2002), managed to rake in a premium income of Rs 825.35 crore, while the four state-owned insurance companies pulled in Rs 8,276.55 crore as premium. New India Assurance Company led the sweepstakes with a premium income of Rs 2,498.73 crore, followed by United India Insurance at Rs 2,039.91 crore, Oriental Insurance at Rs 1,877.32 crore and National Insurance at Rs 1,860.59 crore. Among the private insurers, it was Bajaj Allianz which topped the charts with a premium income of Rs 176.87 crore, followed by Tata AIG at Rs 148.47 crore, and IFFCO-Tokio at Rs 141.32 crore. A third of the total premium of Rs 825.35 crore secured by the private players came from the fire segment, while 27 per cent (Rs 222.09 crore) came from motor insurance. Bajaj Allianz, Tata AIG and Royal Sundaram derived a considerable portion of their premium income from the motor segment at 58, 33 and 42 per cent respectively. Companies such as Reliance General, ICICI Lombard seemed noticeably low on their motor insurance portfolio. Reliance General's motor insurance premium contributed a mere 3 per cent to its total premium income, while for ICICI Lombard, it was less than one per cent of its premium income.
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