Though natural disasters inflicted colossal damage in country's commercial capital Mumbai, it also threw up new opportunities for insurers to increase business as masses flocked to take cover against risks.
With claims worth over Rs 2,000 crore (Rs 20 billion) pouring in, PSU insurers like New India Assurance and United India saw single digit growth while National Insurance witnessed a fall in premium income.
Oriental Insurance, which grew its business by a modest 12.61 per cent, overtook National Insurance.
Market leader New India's premium grew by 8.33 per cent at Rs 1,520 crore (Rs 15.2 billion) till July and had a market share of 21.21 per cent, according to data compiled by IRDA.
Delhi-based Oriental is the only insurer among the established players to expand business rapidly and has dislodged NIC from the second spot after logging 12.61 per cent growth in premium at Rs 1,250 crore (RS 12.5 billion) and a market pie of 17.44 per cent.
National Insurance was pushed to the third spot as it saw five per cent decline in business at Rs 1,237 crore (Rs 12.37 billion) and had a market share of 17.25 per cent.
Chennai-based United India grew by a meagre 2.68 per cent at Rs 1,145 crore (Rs 11.45 billion) till July and had 15.98 per cent of market.
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