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Another important development was the debut of Star Health and Allied Insurance, the first standalone health insurance company in India on May 18.
The 12 non-life insurers collected Rs 4,717 crore (Rs 47.17 billion) in premium during the first two months of 2006-07 as compared to Rs 3,877 crore (Rs 38.77 billion) during the corresponding period last year, according to data compiled by regulator IRDA.
Surprising four PSU insurers - New India Assurance, Oriental Insurance, United India and National Insurance - ICICI Lombard captured 12.49 per cent of the market after it collected Rs 589.5 crore (Rs 5.89 billion).
Market leader New India collected 15 per cent more premium at Rs 709.54 crore (Rs 7.09 billion) and had 20.69 per cent of the market.
Oriental Insurance was at the second spot after growing business by over 7 per cent at Rs 731 crore (Rs 7.31 billion) with a market share of 15.49 per cent.
United India Insurance premium income grew by 7 per cent to Rs 709.5 crore (Rs 7.09 billion) and a market share of 15.04 per cent.
National Insurance was at the fourth place by increasing premium collection by a mere 3 per cent at Rs 662 crore (Rs 6.62 billion) and 14.03 per cent of the market.
The eight private players, led by ICICI Lombard, collected Rs 1,638 crore (Rs 16.38 billion) till May. Bajaj Allianz increased premium income by 42 per cent to collect Rs 325 crore (Rs 3.25 billion) and a market share of 6.89 per cent.
Iffco-Tokio collected Rs 241 crore, followed by Tata-AIG (171 crore), Royal Sundaram (Rs 112 crore), Reliance General (Rs 110 crore), Cholamandalam (Rs 58 crore) and HDFC Chubb (30 crore).
Export Credit Guarantee Corporation, which is exclusively into credit insurance, saw 12 per cent decline in premium income at Rs 76 crore (Rs 760 million). Star Health and Allied Insurance has collected Rs 3.81 lakh in premium.