annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10declined in case of National and New India. UnitedIndia underwrote a premium of `5,239 crore in2009-10 as against `4,278 crore in the previous year,which helped to improve its market share to 15.13per cent in 2009-10 from 14.09 per cent in the previousyear. It reported a growth of 22.47 per cent, which ishigher than the industry average for 2009-10. NewIndia Assurance with an insurance premium of`6,043 crore remains the largest general insurancecompany in India with market share of 17.45 per cent.TABLE 18GROSS DIRECT PREMIUM INCOME IN INDIATOTALMarket Share(` In crore) (In per cent)Company 2009-10 2008-09 2009-10 2008-09National 4625.18 4279.90 13.36 14.10New India 6042.51 5508.83 17.45 18.15Oriental 4736.71 3964.23 13.68 13.06United 5239.05 4277.77 15.13 14.09Sub-Total 20643.45 18030.73 59.63 59.40Royal Sundaram 913.11 803.36 2.64 2.65Reliance 1979.65 1914.88 5.72 6.31IFFCO-Tokio 1457.84 1374.06 4.21 4.53TATA AIG 853.80 823.92 2.47 2.71ICICI Lombard 3295.06 3402.04 9.52 11.21Bajaj Allianz 2482.33 2619.29 7.17 8.63Cholamandalam 784.85 685.44 2.27 2.26HDFC Ergo 915.40 339.21 2.64 1.12Future Generali 376.61 186.49 1.09 0.61Universal Sompo 189.28 30.14 0.55 0.10Shriram 416.93 113.76 1.20 0.37Bharti AXA 310.82 28.50 0.90 0.09Raheja QBE 1.32 - 0.00 -Sub-Total 13977.00 12321.09 40.37 40.59Grand Total 34620.45 30351.82 100.00 100.00Note: ‘– ’ indicates not in operationSegment wise premiumI.3.38 The Motor business continued to be the largestnon-life insurance segment with a share of 43.46 per cent(43.94 per cent in 2008-09). It reported growth rate of12.83 per cent (5.13 per cent in 2008-09). The premiumcollection in health segment continued to surge ahead at`7,311 crore in 2009-10 from `6,088 crore of 2008-09,registering a growth of 20.09 per cent. This resulted inan increase in the share of health segment to the totalpremium to 21.12 per cent in 2009-10 (20.06 per cent in2008-09). The growth in the health segment far out-pacedthe growth rate achieved by the non-life industry as awhole. The premium collection from Fire and Marinesegments continued to remain stagnant in 2009-10 ashas been the case since the de-tariffing of the sector in2007.TABLE 19PREMIUM (WITHIN INDIA) UNDERWRITTEN BYNON-LIFE INSURERS - SEGMENT WISE(` crore)Department 2008-09 2009-10Fire 3383 3869(11.14) (11.18)Marine 1956 2168(6.44) (6.26)Motor 13336 15047(43.94) (43.46)Health 6088 7311(20.06) (21.12)Others 5588 6225(18.41) (17.98)Total Premium 30352 34620(100.00) (100.00)Note : Figure in brackets indicate share of respective segmentin total premium (in per cent).24