According to a report by the insurance regulatory body, Insurance Regulatory & Development Authority (IRDA), private insurers have raised their market share to 62% during the April-December 2008 period over 45% in a year ago period.
The total annual premium equivalent (APE) for private insurers grew by 38%, to Rs 18,220 crore for the nine months ended December 2008, against Rs 13,214 crore in a year ago period. However, the public-sector insurer major, LIC, reported decline in APE by 28% during the period.
The major players were ICICI Prudential, Bajaj Allianz, SBI Life, Reliance Life and HDFC Standard Life.The overall insurance industry recorded a marginal growth of around 3% during the period.