General insurance posts 11% growth

The general insurance industry grew 11.60 per cent this financial year till the end of November 2007, with robust performance by private players, including Reliance General, which continues to be the fastest-growing insurer.

The 13 non-life insurers collected Rs 18,509 crore in premium in FY08 so far against the Rs 16,584 crore collected in the same period last year, according to industry data.

During the period, the four public sector non-life insurance companies collected Rs 11,156 crore against Rs 10,771 crore in the corresponding period a year ago.

The private players increased their business from Rs 5,813 crore to Rs 7,353 crore till November in FY08.

In percentage terms, while the public sector could increase their premiums by just 3.57 per cent, nine private sector players clocked premium growth of 26.49 per cent.

Private sector players' market share has grown to about 40 per cent in FY08 as compared to the public sector's 60 per cent in the month.

Reliance General Insurance continues to be the fastest growing insurer with a premium collection of Rs 1,315 crore in FY08 so far against Rs 521 crore in the same period the previous year.

During the period, market leader New India Assurance premium collection grew by 5.35 per cent to Rs 3,520 crore as compared to Rs 3,341 crore in the year-ago period.

In the private sector space, the largest player "� ICICI Lombard "� collected nearly 13 per cent higher premium at Rs 2,348 crore in FY08 so far.