Non-life insurers clock 19% premium growth in Apr-Oct
Nov 28 2012 , FC Research Bureau
However, collections decline 1.8% in Oct compared with Sept
However, general insurers have seen a month-on-month decline of 1.8 per cent to Rs 5,139 crore in October, against Rs 5,234 crore in September.
Meanwhile, on an year-on-year basis, general insurers witnessed 20.74 per cent growth in premium collection in October 2012, over Rs 4,256 crore collected in October 2011.
The four public sector insurers saw a hike of 16.78 per cent in their premium collection to Rs 20,156 crore during April–October, over Rs 17,259 crore collected in the same period last year.
New India collected highest premium of Rs 5,827 crore in the April–October period, registering a 17.14 per cent growth over Rs 4,974 crore collected in the corresponding period last year.
United India Insurance collected Rs 5,506 crore till October, witnessing a growth of 21.90 per cent over Rs 4,517 crore collected in same period last year.
Private sector insurers witnessed a growth of 21.62 per cent to Rs 16,651 crore during April–October, compared with Rs 13,691 crore in same period last year.
Among private insurers, ICICI Lombard collected highest premium of Rs 3,421 crore, registering a growth of 15.78 per cent during April-October, against Rs 2,955 crore in same period last year. Bajaj Allianz General saw premiums grow by 19.84 per cent, with collections of Rs 2,248 crore in April-October period, over Rs 1,876 crore in the same period last year.
“General insurance is growing at a good pace due to under penetration of market. As earning capacity of the population is increasing they are choosing more of protection. Also, retail segment of non-life segment is contributing to a large extent,” said Rakesh Jain, chief executive officer of Reliance General Insurance.
Iffco-Tokio General witnessed a 32.58 per cent growth in premium income with collections of Rs 1,520 crore in April–October period, against Rs 1,147 crore in same period last year. Collection by HDFC Ergo General grew by 38.49 per cent. They garnered Rs 1,445 crore till October 2012, compared with Rs 1,043 crore in same period last year.
Tata AIG General Insurance collected Rs 1,258 crore in this financial year, compared with Rs 987 crore, growth of 27.52 per cent. Reliance General Insurance collected Rs 1,210 crore during April–September, compared with Rs 1,017 crore in same period last year, growth of 18.97 per cent.
Magma HDI General Insurance collected Rs 5.51 crore in the first month of its operations.