The general insurance industry grew by 12 per cent during the first quarter of this fiscal as private players continue their impressive performance with Reliance General emerging as the fastest growing insurer.

The 12 non-life insurers collected Rs 7,428.46 crore in premium during April-June of 2007-08 against the Rs 6,630.54 crore collected during the same period a year-ago. During the quarter, the four public sector non-life insurance companies collected Rs 4,535.91 crore against Rs 4,336.80 in the corresponding quarter a year ago. The private players increased their business from Rs 2,293.74 crore to Rs 2,892.55 crore, according to data collected by regulator the Insurance Regulatory Development Authority (IRDA).

Post-detariffing
In percentage terms, while the public sector could increase their premiums by just 4.59 per cent, eight private sector players clocked premium growth of 26.11 per cent.

Post-detariffing, the private sector seems to gain market share more than their public sector counterpart in the industry. Private sector players' market share of about 34 per cent last year during the period went up to 39 per cent. With a premium collection of Rs 529.04 crore during the period against Rs 164.19 crore in the same quarter the previous year, Reliance General became the the fastest growing insurer.

During the period, market leader New India Assurance premium collection grew by 5.73 per cent to Rs 1,436.39 crore as compared to Rs 1,358.55 per cent a year ago. In the private sector space, the largest player, ICICI Lombard collected 9 per cent higher premium at Rs 886.65 crore during the period.