Non-life Insurance Industry

There are, at present, twenty three players in the non-life insurance industry—six in the public sector and seventeen in the private sector. The four public sector undertakings—New India, United India, National Insurance and Oriental Insurance Companies are competing aggressively with these new players. These PSUs and two private insurers—ICICI Lombard General Insurance and Bajaj Allianz General Insurance—account for 90 per cent of the non-life market. The non-life industry grew by 9.09 per cent during 2008–09. This growth was driven by health insurance and motor insurance. The number of policies underwritten by the private sector non-life insurance companies has steadily increased (Tables 16.7 and 16.8).

 

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