Insurance By Choice

ICICI Lombard is aiming to increase its market capitalization to 20% by 2010 from around 14% as of now. The customer base of ICICI Lombard stands at 25 lakhs, including 10 lakh 2wheelers, seven lakh cars eight lakh commercial vehicles. They are claiming to have around 1,75,000 fresh policies each month.

Bajaj Allianj generated premium of over Rs 2,500 crore through gneral insurance segment & registered around 45% growth during the year 2007-08. The insurance industry is going through a phase of transition from tariff to a free-pricing regime & it will be a challenge for Bajaj Allianj to maintain the same growth in coming years.

Apollo DKV plans to lauch long term health insurance plans for Indian professionals working overseas. Apollo DKV is looking at gaining a health insurance marketshare of 10-12%. Apollo DKV started operations with a paid-up capital of around INR 101 crore. They are expected to break even in next 7-8 years. The company started in early 2008, and until March, sold policies with a premium of INR 2 crore. Post that period they have sold group and individual health plans worth approximately INR 10 crore.

AEGON Religare Life Insurance Company has received the final approval from IRDA to start their operations in India and start selling Life Insurance Products to Indian customers.Just a few days back DLF Pramerica Life Insurance Co Ltd has also been granted license by IRDA for operations in Life Insurance segment. This clearly shows how much competitive Life Insurance Market is getting and Indian consumers are going to benefit more and more as a result of same in term of better plans and reduced premiums.

DLF has jumped into the life insurance business. They are coming with the name DPLI (DLF Pramerica Life Insurance Company), It is joint venture of DLF (Indian real estate giant) & Prudential Financial, Inc (US based company). They has been approved by Indian regulatory body (IRDA) and hopefully will commence business from Quarter 3 this year (2008).