Insurance Ind Premium Income up 19%

Aided by public sector insurers, the premium income of Indian general insurance industry registered a 19 per cent growth during the month of January to `7,380.72 crore.

Published: 10th March 2014 06:00 AM  |   Last Updated: 10th March 2014 01:28 AM   |  A+A-

Aided by public sector insurers, the premium income of Indian general insurance industry registered a 19 per cent growth during the month of January to Rs 7,380.72 crore.

The gross premium collection by 23 private players in January were up by 12.62 per cent to Rs 3,274.48 crore.

Currently, there are 27 general insurance companies of which four are state-run and the remaining 23 private.

The four pubic sector insurers namely -- National Insurance Company, New India Assurance, Oriental Insurance and United India Insurance -- saw their gross premium collection rise by 24.59 per cent year-on-year to Rs 4,106.23 crore in January, according to latest data released by the Insurance Regulatory and Development Authority (IRDA).

Among the private sector players, Apollo Munich saw its premium rise by 52.98 per cent to Rs 166.77 crore in January.

Premium income of ICICI Lombard increased by a marginal 6.6 per cent to Rs 703.22 crore; Reliance General up 14.1 per cent at Rs 184.97 crore.

HDFC Ergo General’s premium during the month increased by 9.5 per cent to `231.21 crore.

Tata-AIG saw 5.7 per cent rise to Rs 203.46 crore and SBI General’s premium income saw a rise of 38.85 per cent to Rs 111.72 crore.

For the first ten months of the current financial year 2013-14, the premium collected by public general insurance companies grew by 11.77 per cent from a year earlier to Rs 35,674.79 crore, where as private players’ cumulative premium during April-January of the ongoing fiscal increased 16.17 per cent to Rs 28,091.97 crore.

Meanwhile, the gross premium of the four state-run insurance companies and 23 private players in the non-life insurance market during April-January period of 2013-14 increased by 13.66 per cent to Rs 63,766.76 crore, according to data available with the insurance watchdog.

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