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Big Four still have stranglehold on Indian gross premium figures.
(From Insurance Day)
Byline: Shirish Nadkarni
THE gross premium collected by the 12 Indian domestic general players has risen by 16%, from a level of Rs116bn ($2.44bn) in the financial year 2001-2002 to Rs135bn for the financial year ended March 31, 2003.
Gross premiums amounting to Rs121bn, or nearly 90% of the total collections, came from the four public sector insurers New India Assurance, Oriental Insurance, United India Insurance and National Insurance which have a huge head start on the private companies, most of which have been operating for just two years.
Following a recent edict from the government, these four former subsidiaries of the General Insurance Corporation (GIC) have been operating independently of their erstwhile parent, although they still remain state-owned. Gross premium aggregating to Rs14bn was collected by ...
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