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New India Assurance is No. 1
December 14, 2004 15:31 IST
New India Assurance has posted a robust 21 per cent growth in sales in October to regain the number one position in the general insurance industry toppling National Insurance Company, which had climbed to the top slot for the first time in September.
The industry grew by 15.8 per cent to Rs 10,685 crore (Rs 106.85 billion) in gross direct premium on the strength of private players, which continued to grow faster and cornered 19 per cent of general insurance business, data compiled by Insurance Regulatory and Development Authority.
NIA, which had conceded to NIC in September, climbed back to the top slot by posting a modest 8 per cent growth at Rs 2,443 crore (Rs 24.43 billion) in April-October this fiscal.
The Mumbai-based insurer now has 22.86 per cent of the market compared to NIC's 22.02 per cent. In October alone, NIA grew by a whopping 21 per cent mopping up Rs 371.5 crore ( Rs 3.71 billion) to regain its lost grounds.
On the other hand, Kolkata-based NIC posted a lower growth of 12 per cent at Rs 280.2 crore (Rs 2.80 billion) in October.
During the first seven months, NIC was still the fastest growing PSU insurer with premium income at Rs 2,352 crore (Rs 23.52 billion) showing a growth of 24.67 per cent.
Delhi-based Oriental Insurance outsmarted United India to regain third slot by cornering 17.12 per cent of the market.
OIC grew by 8.78 per cent mopping up Rs 1,830 crore (Rs 18.3 billion) till October, while Chennai-based UIC posted a 4.66 per cent decline in premium income at Rs 1,790 crore (Rs 17.9 billion).
Thriving on India's robust trade, ECGC logged 18 per cent growth at Rs 282 crore (Rs 2.82 billion) till October.
ICICI Lombard topped the chart among private players with 4.68 per cent market share closely followed by Bajaj Allianz with 4.37 per cent.
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