Bangalore: ICICI Lombard General Insurance Corporation has grabbed the second spot in insurance premiums growth displacing three public sector companies.

According to figures released by the Insurance Regulatory and Development Authority (IRDA) on Thursday, ICICI Lombard earned the second largest premium of Rs448.65 crore for April but was at top place in terms of premium growth of 35 per cent over the corresponding period of the last financial year.

Public sector New India Assurance remained on top with a gross premium of Rs650.82 crore for the same period but grew by only 8.2 per cent over the corresponding period of the last financial year.

Oriental Insurance Company Ltd remains at the third spot with gross premiums of Rs413.50 crore. Oriental''s growth has remained flat during the period.

In the first month of financial year 2007-08, private sector insurers grew 37.34 per cent to Rs1,272.22 crore over April 2006. In the process, the market shares have further undergone a change.

Private sector has grabbed a market share of 40 per cent in the non-life insurance business, from 34 per cent in the financial year 2006-07. Public sector market share is now only 60 per cent.