New Delhi: With a total premium of around Rs 15,000 crore, the public sector general insurance sector consisting of four companies New India Assurance, United India, Oriental Insurance and National Insurance has been able to end 2005-06 with a 75 per cent market share reports Financial Express.
Together, these four companies have mobilised around Rs 15,000 crore premium in a tough competitive atmosphere.
Though it was expected that the private sector which had crossed 25 per cent of the market share in the middle of the previous year may eat into 30 per cent in the whole year, the figure released by the Insurance Regulatory & Development Authority (IRDA) has shown that the eight companies have been able to gather over Rs 5,000 crore during 2005-06.
Effectively, the private sector general insurance companies have ended the year with over 25 per cent of market share.
Once again, ICICI Lombard General Insurance has remained at the top among the private sector companies by moblising Rs 1,592 crore during the year.
Bajaj Allianz General Insurance has retained its second position by collecting Rs 1,285 crore.
Delhi-based Iffco Tokio Marine General Insurance, with Rs 896 crore, has come in the third slot by expanding aggressively.
Tata AIG General Insurance, with Rs 612 crore, has been ranked fourth.
Chenna-based Royal Sunderam Alliance has mustered Rs 453 crore of premium during the year.
The Reliance General after becoming a Anil Ambani-owned ADAG company has picked up Rs 162 crore. During last few years, it had laindormant in acquiring new business.
Chennai-based Cholamandalam MS has mobilised Rs 220 crore of premium while HDFC Chubb General Insurance has ended the year with Rs 202 crore sum.
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