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44 / 228

ANNUAL REPORT 2007-08

NATIONAL

3814.42

4007.23

15.32

14.40

NEW INDIA

5017.2

5276.92

20.14

18.97

ORIENTAL

3928.52

3808.14

15.77

13.69

UNITED

3498.77

3739.56

14.05

13.44

Public

16258.9 16831.85

65.28

60.49

ROYAL SUNDARAM

598.2

694.41

2.40

2.50

RELIANCE

912.23

1946.42

3.66

7.00

IFFCO-TOKIO

1144.47

1128.15

4.60

4.05

TATA AIG

710.55

782.64

2.85

2.81

ICICI LOMBARD

2989.07

3307.12

12.00

11.89

BAJAJ ALLIANZ

1786.34

2379.92

7.17

8.55

CHOLAMANDALAM

311.73

522.34

1.25

1.88

HDFC CHUBB

194

220.6

0.78

0.79

FUTURE GENERALI

-

9.81

-

0.04

UNIVERSAL 50 MPO

-

0.48

-

0.00

Private

8646.6

10992

34.72

39.51

Total

24905

27824

100.00

100.00

2006-07

2007-08

4132

3459

(16.59)

(12.43)

1628

1799

(6.54)

(6.47)

10697

12685

(42.95)

(45.59)

3319

4894

(13.29)

(17.59)

5129

4986

(20.63)

(17.92)

24905

27823

growth in the volume of business needs to be viewed in the background of 2007-08 being the first full year of complete de- tariffing of the general insurance.

Among the public sector insurers, New India had the largest market share at 18.97 per cent in 2007-08, lower than its market share of 20.14 per cent in the previous year. Oriental Insurance, National Insurance and United India Insurance had market shares at 13.69 per cent, 14.40 per cent and 13.44 per cent respectively as against 15.77 per cent, 15.32 per cent and 14.05 per cent in the previous year.

TABLE 19 GROSS DIRECT PREMIUM INCOME IN INDIA

Among the private insurers, ICICI Lombard had the highest market share of 11.89 followed by Bajaj Allianz with 8.55 per cent. Reliance has registered a substantial increase in its market share from 3.66 in 2006-07 to 7.00 in 2007-08. Future Generali which commenced operations during 2007-08 have reported a negligible market share of 0.04 per cent.

Different segments of the general insurance business have contributed to the increase in premium for both public and the private sector insurers. The highest contribution in 2007-08 has come from the motor segment which constituted 45.59 per cent of the total premium higher than 42.95 per cent in 2006-07. Fire segment constituted 12.43 per cent in the total premium underwritten in 2007-08 lower than that observed in the previous year (16.59 per cent).

TABLE 20

Company

Premium collection in Health has increased in 2007-08 from its level in 2006-07. Health premium contribution to the total in 2007-08 was 17.59 per cent of the total premium in 2007- 08 as against 13.33 per cent in 2006-07. Motor and Health portfolios together constituted 63.18 per cent in the total

Premium

Market Share

(Rs. Crore)

(In per cent)

2006-07

Note : Figure in brackets indicate the share of the segment (in per cent) to the total.

2007-08 2006-07 2007-08

PREMIUM UNDERWRITTEN (WITHIN INDIA) BY NON- LIFE INSURERS - SEGMENT-WISE

Segment Fire

Marine

Motor

Health

Others

Total

(Rs.Crore)

28

28

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