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LIC, 4 PSU general insurers will continue to dominate: ICRA
New Delhi, May 30: LIC and PSU general insurers are expected to maintain dominant position in the coming years even in the liberalised scenario but private players have enough business potential, ICRA said in a research report.
New Delhi, May 30: LIC and PSU general insurers are expected to maintain dominant position in the coming years even in the liberalised scenario but private players have enough business potential, ICRA said in a research report.
"India is poised to experience major changes as insurers operate in an increasingly. Deregulated and liberalised environment. However, despite liberalisation, PSUs are expected to maintain dominant positions in foreseeable future," ICRA Information, Grading & Research Service (INGRES) report on insurance said.
However, ICRA pointed out that market share of LIC and the four PSU general insurers declined in the last fiscal.
LIC market share, which was 99.46 per cent in terms of total premium income at in 2001-02, stood at 91.2 per cent till Februray 2003. LIC's share might be slightly higher during the entire 2002-03 as 33 per cent of the premiums are collected in the month of March.
Private life insurers mainly ICICI Prudential Life, Max New York Life, Birla Sun Life, HDFC Standard Life and others cornered 8.8 per cent of the total premium income.
Bureau Report
However, ICRA pointed out that market share of LIC and the four PSU general insurers declined in the last fiscal.
LIC market share, which was 99.46 per cent in terms of total premium income at in 2001-02, stood at 91.2 per cent till Februray 2003. LIC's share might be slightly higher during the entire 2002-03 as 33 per cent of the premiums are collected in the month of March.
Private life insurers mainly ICICI Prudential Life, Max New York Life, Birla Sun Life, HDFC Standard Life and others cornered 8.8 per cent of the total premium income.
Bureau Report