General Insurance industry logs 12.5 pc growth

The general insurance industry grew 12.53 per cent 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 Rs 28,131 crore in premium in FY''''08, against Rs 24,998 crore collected in the previous fiscal, according to the industry data.  During the period, the four public sector non-life insurance companies collected Rs 16,899 crore in the reviewed fiscal, against Rs 16,278 crore in the previous fiscal. Private players increased their business from Rs 8,720 crore to Rs 11,231 crore during the period. Reliance General Insurance continues to be the fastest growing insurer with its premium collection growing by a whopping 113 per cent to Rs 1,946 crore in last fiscal against Rs 912 crore FY'07. In percentage terms, while the public sector firms could increase their premiums by just 4 per cent, nine private sector players clocked premium growth of 29 per cent. Private sector player's market share has grown to about 40 per cent in FY'08 as compared to the public sector's 60 per cent share. During the last fiscal, market leader New India Assurance premium collection grew by five per cent to Rs 5,274 crore. In the private sector space, the largest player - ICICI Lombard - collected 11.38 per cent higher premium at Rs 3,345 crore in 2007-08. Among other private players Cholamandalam grew 78 per cent followed by Bajaj Allianz at 33 per cent, Royal Sundaram 16 per cent and HDFC Chubb with 14 per cent.