ICICI Lombard first insurer to cross Rs 1,000 cr mark

ICICI Lombard became the first private player to cross Rs 1,000 crore in premium collection even as the general insurance industry grew by 15.5 per cent till November in the current financial year. In contrast, both National Insurance and Reliance General reported a fall in their business.

Increased competition from private players saw them grab 26.7 per cent of the market as the 12 players together collected Rs 13,422 crore in premium in the April-November period, from Rs 11,619 crore a year ago, according to data compiled by Insurance Regulatory and Development Authority.

With five players "" New India and Oriental Insurance from the public sector and ICICI Lombard, Bajaj Allianz and Iffco-Tokio from the private space "" having left no stone unturned to increase their market shares, policyholders can expect improvement in service.

Market leader New India grew by 13 per cent to collect Rs 3,094 crore in premium and occupied a market pie of 23.05 per cent of the non-life industry.

Oriental Insurance grabbed the second spot by clocking over 13 per cent growth to collect Rs 2,331 crore and a market share of 17.37 per cent. The decline in National Insurance's business continues as its premium income fell by 8 per cent to Rs 2,315 crore and had 17.25 per cent of the market.

With a modest growth of 4.21 per cent, United India Insurance was at the fourth place collecting Rs 2,099 crore in premium income and holding a market share of 15.64 per cent.

Among private players, ICICI Lombard became the first insurer to cross Rs 1,000-crore mark as it doubled business to Rs 1,094 crore and grabbed a market pie of 8.15 per cent.