Within private insurers, standalone health insurers had the highest growth of almost 43 percent in the period and collected Rs 3759.38 crore as gross direct premium.
Private sector general insurance companies have overtaken public sector insurers in premium collection for the April-October period on a year-on-year basis. According to data from the insurance companies, private insurers saw a 27.3 percent growth as against 11.6 percent growth of PSU general insurers. Overall, the sector collected Rs 11834.91 crore as gross direct premium showing an 18.63 percent growth.
With respect to market share, New India Assurance tops the list with 15.04 percent share. Private life insurer ICICI Lombard General Insurance is the largest among private insurers with 8.81 percent share and is the fourth on the list in terms of market share after New India, National Insurance and United India.
The private sector insurers collected Rs 41331.09 crore as gross direct premium for the April to October period while public sector insurers collected Rs 44766.16 crore in the same period. Overall, private sector insurers had 48.01 percent market share while public sector insurers had 51.99 percent share.
Source: IRDAI (all figures in Rs crore)
Within private insurers, standalone health insurers had the highest growth of almost 43 percent in the period and collected Rs 3759.38 crore as gross direct premium.Industry officials said that motor insurance has been the largest segment for the industry followed by health insurance.