The general insurance industry as a whole booked a gross
premium income of Rs 1,220 crore during May 2003, registering
an increase of Rs 92 crore, compared to the corresponding
month in the previous year.
to the figures released by the Insurance Regulatory and
Development Authority (IRDA) the public sector companies
shared a lion's share of the market with a premium income
of Rs 1,065 crore while the new private players were able
to garner just Rs 155 crore during May 2003.
first two months of the current year saw the government
insurers booking Rs 2,647 crore as against the private
sector's Rs 448 crore. What will be interesting to note
is the net premium booked by the players, as that really
shows the underwriting capacity of the insurers.
the government companies, New India Assurance continued
to maintain its lead (it is also the industry leader)
with a premium income of Rs 764 crore and is followed
by United India Insurance (Rs 628 crore), Oriental Insurance
(Rs 611 crore) and National Insurance (Rs 582 crore).
The Export Credit Guarantee Corporation of India (ECGC)
earned Rs 59.36 crore till May 2003.
India, however, lost Rs 13-crore worth of business during
the first two months while the other government companies
show an increase in business. Curiously, National Insurance
with a premium income of Rs 236 crore in May 2003 earned
Rs 7 crore more than Oriental Insurance. National Insurance
had overtaken Oriental Insurance last year to the third
the market place, the entry of brokers has affected the
government players to a large extent in respect of corporate
accounts. The government companies are inking bancassurance
deals with nationalised banks, a strategy that will start
paying off this year.
the private sector, ICICI Lombard General Insurance takes
the first place with its focussed strategy with a premium
income of Rs 101 crore. Following it is Iffco Tokio General
Insurance with Rs 87 crore and Bajaj Allianz General Insurance
with Rs 86 crore. Recently Iffco Tokio had a major setback
with six of its senior officials quitting the company.
the latest market entrants, Chennai-based Cholamandalam
MS General Insurance logged a premium of Rs 20 crore as
against HDFC Chubb General Insurance's Rs 9 lakh for the
period April-May 2003.