General Insurance industry logs 12.5 per cent growth in FY'08

Reliance General Insurance continues to be the fastest growing insurer. Industry data shows the 13 non-life insurers cumulatively collecting Rs28,131 crore in premium during financial year 2008, against Rs24,998 crore collected during the previous fiscal.

During the same period, the four public sector general insurance companies collected Rs16,899 crore in the reviewed fiscal, against Rs16,278 crore in the previous fiscal.

Company Name Percentage Growth over FY 07
New India Assurance 5 %
ICICI Lombard 11.38 %
Cholamandalam 78 %
Bajaj Allianz 33%
Royal Sundaram 16 %
HDFC Chubb 14 %

Private players increased their business from Rs8,720 crore to Rs11,231 crore during the period. Reliance General Insurance continues to be the fastest growing insurer with its premium collection growing by a whopping 113 per cent to Rs1,946 crore in last fiscal against Rs912 crore FY'07.

In percentage terms, while public sector firms could increase their premiums by just 4 per cent, nine private sector players clocked premium growth of 29 per cent. The website says that the private sector players' market share has grown to about 40 per cent during financial year 2008 with the public sector companies still holding on to the lions share of 60 per cent.