Despite losing market share, The New India Assurance continues to lead industry
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Despite a fall in its market share this fiscal, the Central government owned and listed The New India Assurance Company Ltd continued to maintain its industry leadership with 13.94 per cent share at the end of last month.
As per the data released by the industry lobby body General Insurance Council, The New India had earned a gross premium of Rs 26,092.47 crore as against Rs 25,477.44 earned during the previous year corresponding period.
It should also be noted that the other three government owned general insurers -- The Oriental Insurance, United India Insurance and National Insurance -- have also lost market share to the private sector during the period under review.
The four companies have earned a total gross premium of Rs 62,092.49 crore as against Rs 57,155.87 earned during the same period the previous fiscal.
The 20 private sector general insurers had earned a gross premium of Rs 96,246.11 crore during the period under review up from Rs 79,122.75 crore logged during April-December 2021.
According to the General Insurance Council, the general insurers and stand alone health insurers had earned a gross premium of Rs 176,272.50 crore between April-December last year up from Rs 150,480.38 crore earned between April-December 2021.
