INDIA’S GENERAL INSURANCE MARKET GROWS BY 12% IN 2007

Non-life insurers operating in India have enjoyed growth of more than 12% in the period between February 2007 and February 2008 according to statistics released by the Insurance and Regulatory Development Authority (Irda). Of the thirteen general insurers in the Indian market it was the nine private sector players that enjoyed most growth with premium income growing to 100.19 billion rupees, growing by 28% while the four public sector insurers brought in 152.80 billion rupees in premiums – an increase of 4%. In terms of individual firms, Reliance General was the fastest growing in the public sector, more than doubling its premium income, while in the private sector ICICI Lombard pulled in the greatest amount in premium income at 30 billion rupees.