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PSU non-life firms seek to protect share

FACING intense competition from private firms, public sector general insurance companies are turning aggressive to protect their market share.

With about 26 players fighting to take the share of PSU non-life insurers, which account for half of the market, PSU general insurance firms are not letting the private players eat their pie just like that.

During April-October 2016 period, combined market share of four PSU non-life insurers stood at 48 per cent when compared with 50 per cent in a year-ago period.

Among the PSU non-life firms, only National Insurance saw a dip in share to 11.11 per cent from 12.5 per cent a year ago. Others such as New India Assurance (15 per cent), United India Insurance (13 per cent) and Oriental Insurance (9 per cent) managed to protect or marginally increase their share during this fiscal.

Among the PSUs, United India Insurance is the fastest growing company with about 34 per cent increase in premium underwritten during first seven months of 

this fiscal.

In private sector segment, ICICI Lombard leads the table with about nine per cent market share, followed by Balaj Allianz (six per cent), HDFC Ergo General (four per cent), Reliance General (3.61 per cent), IFFCO-Tokio (3.46 per cent) and Tata-AIG (3.41 per cent).

Star Health & Allied Insurance leads among the standalone health insurers with about two per cent share.

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