Mumbai: Market share of public sector general insurers dropped to 55.61 percent in FY13 from 57.80 percent in the previous fiscal despite a rise in premium collection during the period, sector regulator IRDA said in its annual report.
Meanwhile, market share of private sector insurers rose to 44.39 percent during the reporting period from 42.20 percent in FY12, the report said.
"In case of public sector non-life insurers, all four companies expanded their business with an increase in their premium collections. However, their combined market shares decreased from the previous year," the Insurance Regulatory and Development Authority (IRDA) said.
While United India's market share declined to 14.71 percent in FY13 from 15.47 percent in FY12, National Insurance's market share decreased to 14.56 percent from 14.73 percent in FY12.
Similarly, New India Assurance's market share declined to 15.94 percent in FY13 as against 16.16 percent in the previous fiscal, while Oriental Insurance's market share slipped to 10.41 percent from 11.44 percent.
As per the annual report, the New India Assurance remained the largest non-life insurer in FY13, with a market share of 15.94 percent and a premium of Rs 10,038 crore.
The report pointed out that the motor insurance business continued to be the largest segment with 47.05 percent share in FY13, while health insurance segment constituted 22.19 percent during this period.
During the last fiscal, underwriting losses for the industry declined by 20.88 percent to Rs 6,984 crore from Rs 8,827 crore reported in FY12.