Mumbai: The general insurance industry grew 12.53% in 2007-08 with robust performance by private players, including Reliance General which continues to be the fastest growing insurer.
The 13 non-life insurers collected Rs28,131 crore in premium in FY’08, against Rs24,998 crore collected in the previous fiscal, according to industry data.
During the period, the four public sector non-life insurance companies collected Rs16,899 crore in the reviewed fiscal, against Rs16,278 crore in the previous fiscal.
Private players increased their business from Rs8,720 crore to Rs11,231 crore during the period.
Reliance General Insurance continues to be the fastest growing insurer with its premium collection growing by a whopping 113% to Rs1,946 crore in last fiscal against Rs912 crore FY’07.
In percentage terms, while public sector firms could increase their premiums by just 4%, nine private sector players clocked premium growth of 29%.
Private sector players’ market share has grown to about 40% in FY’08 as compared to the public sector’s 60% share.
During the last fiscal, market leader New India Assurance premium collection grew by 5% to Rs5,274 crore.
In the private sector space, the largest player - ICICI Lombard - collected 11.38% higher premium at Rs3,345 crore in 2007-08. Among other private players Cholamandalam grew 78% followed by Bajaj Allianz at 33%, Royal Sundaram 16% and HDFC Chubb with 14%.