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C.R. Sukumar

Hyderabad , Nov. 7

PRIVATE insurance players belonging to both life and non-life segments have significantly improved their market share during the first half of the current fiscal year ended September 30, as per the figures compiled by the Insurance Regulatory and Development Authority (IRDA).

The market share of private sector life insurers in terms of premium collections has nearly doubled to 10.95 per cent during the first half of current fiscal compared to 5.66 per cent during the corresponding period of last fiscal year.

In the case of non-life players, their market share rose to 13.7 per cent, recording a growth of 86.72 per cent on an annual basis, while the market share of public sector majors stood at 86.3 per cent, registering a marginal growth of 6.03 per cent. The overall market has recorded a growth of 12.71 per cent.

As per the figures compiled by IRDA, the life insurance industry recorded a total premium underwritten of Rs 5,435.95 crore for the six months period under review.

Of this, private players contributed to Rs 595.33 crore.

The public sector giant Life Insurance Corporation of India (LIC) continued to lead with a premium collection of Rs 4,840.62 crore, translating into a market share of 89.05 per cent.

In terms of number of policies and schemes sold, private sector accounted for only 5.68 per cent share compared to 94.32 per cent share of LIC.

However, in terms of lives covered under group schemes, the private sector has grabbed a significant market share of 36.65 per cent while LIC garnered a share of 63.35 per cent.

Among the private sector players in terms of premium collections, ICICI Prudential topped the list.

It recorded a premium of Rs 185.2 crore and a market share of 3.41 per cent, followed by Birla SunLife with a premium underwritten of Rs 82.41 crore (1.52 per cent market share), HDFC Standard with Rs 66.18 crore premium (1.22 per cent share), Tata AIG with Rs 63.04 crore (1.16 per cent) and Allianz Bajaj with Rs 47.17 crore premium (0.87 per cent share).

The total premium collections of non-life industry stood at Rs 8,081.05 crore for the first half of current fiscal, of which the private sector contributed Rs 1,107.27 crore and the balance Rs 6,973.78 crore was brought in by the public sector non-life majors.

Among the private sector insurers, ICICI Lombard topped the list with premium collection of Rs 234.85 crore, with a market share of 2.91 per cent, followed by Bajaj Allianz with Rs 218.06 crore of premium and 2.7 per cent market share and Tata AIG with 194.01 crore premium and 2.4 per cent market share.

Among the public sector players, New India garnered a market share of 24.09 per cent with Rs 1,946.7 crore premium, followed by National with 20.59 per cent (Rs 1,664.18 crore), United India with 20.5 per cent (Rs 1,656.3 crore) and Oriental with 18.62 per cent (Rs 1,504.69 crore).

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