New Delhi: General insurance industry grew by 15% in the August led by Anil Ambani group firm Reliance General Insurance, which recorded the highest growth of 161% in gross premium as compared to a year ago.
The 12 non-life insurers collected Rs2,116 crore in premium in August, against Rs 1,839 crore during the same period in the previous year, according to data collected by regulator the Insurance Regulatory Development Authority (IRDA).
During the month, market leader New India Assurance’s premium collection witnessed a dip of 1% to Rs358 crore as compared to Rs363 crore a year ago. In the private sector, the largest player, ICICI Lombard collected 22% higher premium at Rs302 crore.
Private players increased their business to Rs881 crore in August from Rs662 crore in the same month last year, the data shows. With a premium collection of Rs 155 crore in August, against Rs59 crore a year ago, Reliance General Insurance became the fastest growing insurer.
In percentage terms, while the public sector could increase their premiums by just 5%, eight private sector players clocked premium growth of 33%. Post-detariffing, the private sector seems to be gaining in market share faster than their public sector counterpart in the industry.
Market share of private players during the period went up to 42% as against 58% accounted for by those in the public sector.