India: Private sector general insurers gain market share

Posted On: Jul. 1, 2014 12:00 AM CST

Data released by India's Insurance Regulatory and Development Authority showed that private sector general insurers' combined market share in terms of gross premium collected rose to 44% in fiscal year 2014, from 42.77%, NDTV reported.

Bajaj Allianz General Insurance Co. Ltd. chief executive Tapan Singhel said the insurer managed "a combined ratio of 98.1%" because of their prudent underwriting discipline.

Reliance General Insurance Co. Ltd. chief executive Rakesh Jain said the sector is "going through a difficult time, but we relied on diversified growth."