Chennai: The Pune-based Bajaj Allianz General Insurance Company Limited has pipped ICICI Lombard General Insurance Company Limited during August 2004 to touch the first rank among private insurers. While Bajaj Allianz has earned a premium of Rs 61.41 crore, ICICI Lombard earned Rs 50.04 crore. In terms of total premium for the period April-August 2004 Bajaj Allianz has earned Rs 327 crore as against ICICI Lombard's Rs 337.35 crore.
Similarly, amongst the public sector non-life insurers, National Insurance Company Limited is snapping at the heels of New India Assurance Company Limited. During August 2004, New India earned a premium of Rs 303 crore as against National Insurance's Rs 297.84 crore.
The premium difference between the two companies for the period April-August 2004 is just Rs 15.06 crore. While New India has booked Rs 1,705.42 crore (growth rate 3.46 per cent), in the case of National Insurance it is Rs 1,690.36 crore (growth rate 23.63 per cent).
Except for the Chennai-based United India Insurance Company Limited that showed a negative growth of 2.79 per cent, all the other non life-insurers have shown positive growth during August 2004. The industry as a whole has booked a premium of Rs 1,337 crore.
For the period April-August 2004 the 13 member industry has booked a premium of Rs 7,708.97 crore as against the previous years figure of Rs 6,775.45 crore.
In terms of market share New India continues to maintain its lead with 22.12 per cent followed by National Insurance (21.93 per cent), United India (17.59 per cent) and Oriental Insurance Company Limited (17.32 per cent). The market shares of all other non-life insurers continue to be in single digit and less than 5 per cent.