Pvt insurers up mkt share,post 20% Jan growth

Eating into the market share of four public sector insurance behemoths,private sector general insurance companies have registered a growth of 20 per cent in their gross premium collections in January almost double as compared to public sector companies that grew by 11 per cent in the first month of the current calendar year.

The private sector,comprising 13 companies,collected Rs 1,325 crore in January,compared with Rs 1,100 crore garnered during the same period last year. The public sector,on the other hand,mopped up Rs 1,672.07 crore in January,compared with Rs 1,498 collected during the same period last year. With this,the private sector now commands a market share of 44.2 per cent.

Among the four public sector players,United India Insurance registered the highest growth at 21 per cent and New India Assurance registered the lowest at 4 per cent. Among private players,ICICI Lombard General Insurance,with a market share of 11 per cent,registered a 4 per cent growth in its premium collections at Rs 330.48 crore compared with Rs 317.40 crore during the same period last year.