Private insurer ICICI Lombard lost its edge over public-sector insurer Oriental this March as it saw its market share dip to 8.43 per cent. For a short span of nearly a year, ICICI Lombard managed to enter the top 4 slot among general insurers -a bracket exclusively held for more than 15 years by New India Assurance, National Insurance, Oriental Insurance and United India Insurance.

 

But Oriental Insurance has regained lost territory and moved ahead of the private player with a market share of 8.46 per cent for the month of March, according to the Insurance Regulatory and Development Au thority of India (IRDAI) data.

 

Last August, ICICI Lombard overtook Oriental Insurance to become the fourth-largest insurer (market share 11 per cent) with gross written premium of Rs 2,880 crore, 41 per cent y-o-y increase.The milestone was significant as the it was the first time a pri vate insurer had beaten a public-sector player since the industry opened in 2000. As of March 2017, ICICI Lombard had written Rs 10,725 crore in gross direct premium, compared to Oriental Insurance’s Rs 10,792 crore.ICICI Lombard’s growth rate  was 32.56 per cent for the month of March vs Oriental’s year-overyear growth of 29.79 per cent.

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