ICICI Lombard Snatches Second Spot In Insurance Sweepstakes

Bangalore: ICICI Lombard General Insurance Corporation Ltd has improved its performance and grabbed the second spot in the insurance sweepstakes, displacing three public sector companies in the process. As per the Insurance Regulatory and Development Authority (IRDA) figures, ICICI has reported a premium collection of Rs 448.65 crore for April, a 35 per cent growth over the corresponding period of the last financial year. However, public sector New India Assurance remains on top with a gross premium of Rs 650.82 crore for the same period. New India has grown by only 8.2 per cent over the corresponding period of the last financial year. Oriental Insurance Company Ltd remains at the third spot with gross premiums of Rs 413.50 crore. Oriental''s growth has remained flat during the period. In the first month of financial year 2007-08, private sector insurers have grown 37.34 per cent to Rs 1,272.22 crore over April 2006. In the process, the market shares have further undergone a change. Private sector has grabbed a market share of 40 per cent in the non-life insurance business, from 34 per cent in the financial year 2006-07. Public sector market share is now only 60 per cent.