ICICI Lombard, the leading private general insurance company, has underwritten premiums amounting to Rs. 3878.3 crores for the period April 2010 – February 2011. This is a 29 percent jump from its general insurance business of Rs. 3002.7 crores for the corresponding period last year. Along with International best practices, ICICI Lombard leverages an extensive distribution network and strong brand equity of ICICI Bank to promote its products.
Last month the ICICI Lombard collected premiums worth Rs 366.9 crores which is a huge contribution to the overall business of all private general insurers. Bajaj Allianz General has gained the second slot with Rs. 241.13 in the premium collection for February.
The top 3 private insurance companies in terms of their premium collection for the period April 10 – February 11 are ICICI Lombard with a 29 percent increase, Bajaj Allianz with a 16 percent increase, and IFFCO Tokio with a 22.5 percent increase.
Reliance General is the only private insurance company that has shown a dip in its premium collections this year. The insurer has collected Rs. 1514 crore this year for the period up to February as compared to Rs. 1846.98 crores for the same period last year which is an 18 percent reduction.
All the other private general insurance companies have so far shown growth in their premium collections this year.
