India: Private-sector insurance players gain market share

Private-sector general insurers increased their combined market share to 44% in the financial year ended 31 March 2014 despite the depressed economic scenario, at the cost of the state-owned insurers, according to data from the Insurance Regulatory and Development Authority. Their market share stood at 42.8% the previous year in terms of gross premiums.

Some of the private sector non-life insurers, which gained market share during the year ended 31 March 2014 included Bajaj Allianz, HDFC Ergo, SBI General, Reliance General and Bharti Axa, reported the Press Trust of India.

However, private-sector leader ICICI Lombard’s market share in FY2013-14 was flat at 8.8% compared to 8.9% the previous year. Private-sector general insurers that lost ground included Royal Sundaram, Tata AIG, Universal Sompo and Shriram General.

Among public-sector players, industry leader New India Assurance increased market share to 14.9% in FY2013-14 from 14.5% the previous year, while United India Insurance’s market share fell to 12.5% from 13.4%.

Source: AIR eDaily