The c
ompany currently has more than 450 offices across the country reaching out to more than 700 cities and towns.” In the general insurance segment, the months of October 2002 and May 2007 are two nostalgic moments for both HDFC and Chubb; for one marks their marriage and the other marks their divorce. At a time when the industry as a whole grew by 22.37% (the private sector recorded 60.39% growth in the same period), HDFC Chubb, amazingly was the sole company to post declines in premium income, which was down 7.59% to Rs.1.9 billion in 2006-07. Unquestionably, HDFC Chubb is the smallest company (market share less than 1%) besides being the worst performer in the general insurance industry. As of now, the premium collection up to the month of May 2007 stands at Rs.34.66 crores (a meagre 0.66% of the total industry wide premium collections) which goes on to reflect the stagnancy of HDFC. The figures provided by the insurance regulator, the Insurance Regulatory and Development Authority (IRDA) explicitly suggests that while companies such as ICICI Lombard (having premium collections to the tune of Rs.6.51 billion up to May 2007) and Reliance General Insurance (having premium collections to the tune of Rs.3.63 billion up to May 2007) are growing at 30- 40%, HDFC Chubb was actually not growing at all; reasons enough to guess why it is at the bottom of the league.
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Source : IIPM Editorial, 2008
ompany currently has more than 450 offices across the country reaching out to more than 700 cities and towns.” In the general insurance segment, the months of October 2002 and May 2007 are two nostalgic moments for both HDFC and Chubb; for one marks their marriage and the other marks their divorce. At a time when the industry as a whole grew by 22.37% (the private sector recorded 60.39% growth in the same period), HDFC Chubb, amazingly was the sole company to post declines in premium income, which was down 7.59% to Rs.1.9 billion in 2006-07. Unquestionably, HDFC Chubb is the smallest company (market share less than 1%) besides being the worst performer in the general insurance industry. As of now, the premium collection up to the month of May 2007 stands at Rs.34.66 crores (a meagre 0.66% of the total industry wide premium collections) which goes on to reflect the stagnancy of HDFC. The figures provided by the insurance regulator, the Insurance Regulatory and Development Authority (IRDA) explicitly suggests that while companies such as ICICI Lombard (having premium collections to the tune of Rs.6.51 billion up to May 2007) and Reliance General Insurance (having premium collections to the tune of Rs.3.63 billion up to May 2007) are growing at 30- 40%, HDFC Chubb was actually not growing at all; reasons enough to guess why it is at the bottom of the league.For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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