annual report 2008-09 - IRDA

ANNUAL REPORT 2008-09
Policies Issued
The total number of policies issued by the general
insurers in 2008-09 was 670.60 lakh as against 572.50
lakh in 2007-08 an increase of 17.13 per cent over
2007-08. However, the rate of growth was lower than
the growth in 2007-08 which was 22.69 per cent. This
is because of the lower increase in new policies issued
by the private insurers. The private insurers could sell
17.21 per cent more policies in 2008-09, as against
47.36 per cent in 2007-08. In contrast, the number of
policies issued by the public insurers increased by
17.09 per cent as against 13.47 per cent in the
previous year.
TABLE 17
POLICIES ISSUED : NON-LIFE INSURERS
Insurer 2007-08 2008-09
Public Sector 38547040 45137181
(13.47) (17.09)
Private Sector 18703219 21922906
(47.36) (17.21)
Total 57250259 67060087
(22.69) (17.13)
Note: Figure in brackets indicates the growth (in per cent) over
previous year.
Premium
The general insurance industry underwrote a total
premium of Rs.30351.84 crore in 2008-09 as against
Rs.27823.74 crore in 2007-08, registering a growth
of 9.09 per cent as against an increase of 11.72 per
cent recorded in the previous year. The public sector
insurers exhibited a better growth in 2008-09, at 7.12
per cent; more than twice of previous years’ growth
rate of 3.52 per cent. In contrast, the private general
insurers could register a growth of 12.09 per cent but
witnessed retardation in growth from 27.12 per cent
of 2007-08.
TABLE 18
PREMIUM UNDERWRITTEN BY NON-LIFE
INSURERS (WITHIN INDIA)
(Rs. Crore)
Insurer 2007-08 2008-09
Public 16831.85 18030.75
(3.52) (7.12)
Private 10991.89 12321.09
(27.12) (12.09)
Total 27823.74 30351.84
(11.72) (9.09)
Note: Figure in brackets indicates growth in per cent
The premium underwritten by private sector insurers
in 2008-09 was Rs.12321.09 crore as against
Rs.10991.89 crore in 2007-08. ICICI Lombard
continued to be the largest private general insurance
company, which accounted for a market share of 11.21
per cent, which declined marginally from 11.89 per
cent of the previous year. Bajaj Allianz, the second
largest company underwrote a total premium of
Rs.2619.29 crore, and increased its market share from
8.55 per cent in 2007-08 to 8.63 per cent in the year
under review. The market share of Reliance declined
to 6.31 per cent in 2008-09 from 7.00 per cent in 2007-
08. The two new private insurers, viz., Bharti Axa and
Shriram earned premium income of Rs.28.50 crore
and Rs.113.76 crore respectively in their first year of
operation.
In the case of public sector general insurers, all the
four companies expanded their business with an
increase in their respective premium collections. The
market share of these companies, except for United,
however, declined from their previous year levels.
United India underwrote a premium of Rs.4277.77
crore in 2008-09 as against Rs.3739.56 crore in the
previous year, which led to its market share to 14.09
per cent from 13.44 per cent in 2007-08. (Statement
29, 30)
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