Non-Life Premiums Up 12.17% In April

Non-life insurance premiums grew by 12.17 per cent in the first month of the current fiscal to Rs 1,875.76 crore from Rs 1,672.11 crore in April 2002.

Private sector insurers captured a 16.81 per cent market share (Rs 315.35 crore) during the month as against an 8.7 per cent (Rs 144.85 crore) share in the same month of the previous year.

The share of public sector players declined to 83.19 per cent (Rs 1,560 crore) from 91.3 per cent (Rs 1,527 crore).

While the private sector rose by 118 per cent, the public sector grew at a slow pace of 2.17 per cent.

 

Among private sector players, Tata AIG, because of its smaller base, improved by 509 per cent with the gross premium underwritten at Rs 67.3 crore (Rs 11.05 crore).

ICICI Lombard followed with a 208 per cent growth at Rs 75.3 crore (Rs 14.5 crore). Reliance General was the lone private company to post a decline in performance with a 42 per cent drop in premium at Rs 19.2 crore (Rs 33.25 crore).

Among public sector companies, National Insurance Company posted a growth of 16 per cent with the gross premium at Rs 346.7 crore (Rs 299 crore), while New India Assurance