Bajaj Allianz joins Rs10,000-crore club
The current data, however, shows that the businesses are on the track, the official said.
New Delhi: After private general insurer ICICI Lombard, another leading private player Bajaj Allianz broke into the Rs 10,000-crore club in premium collection for the April-February period. This is the second private general insurer to join the club, while the four state-owned general insurers—New India, United India, National and Oriental—are already part of the club.
According to the latest Indian General Insurance Update-2018-19, Bajaj Allianz registered 17 per cent premium growth to Rs 10,038 crore in April-February 2018-19 from Rs 8,599 crore at the same time last year. "However, the insurer also registered 28 per cent premium growth in February month only to Rs 709 crore from Rs 552 crore in the same period previous year," the report said.
A senior official of Bajaj Allianz General Insurer told Financial Chronicle, "We are happy that our company with a market share of over six and half per cent got a chance to enter the Rs 10,000-crore premium club for the first time. The other two general insurers—HDFC ERGO and Tata AIG —are next ones which may join the club in the future."
The current data, however, shows that the businesses are on the track, the official said.