HYDERABAD: Non-life insurance companies registered more than 28 per cent growth in their collective new premium at Rs 24,563 crore in September, according to the latest IRDAI data.
The 34 non-life insurance companies had collected a business premium of Rs 19,142 crore in the same month a year ago, as per the Insurance Regulatory and Development Authority of India (IRDAI) data.
Among the general insurers, the four state-run players, namely The New India Assurance Company Ltd, United India Insurance, The Oriental Insurance Company, and the National Insurance Company together have nearly 40 per cent market share, while the remaining is held by private players led by Bajaj Allianz, ICICI Lombard and HDFC Ergo General Insurance, with a combined market share of nearly 19 per cent.
However, in terms of growth over the previous year, it was private insurers that saw a healthy, double-digit increase, with Acko General Insurance clocking a sixfold increase, while state-run players lagged behind their private counterparts.
Among these, 25 general insurers reported an increase of 39.3 per cent in their combined premium during the month under review at Rs 20,145 crore as against Rs 14,464 crore in September 2018.
The seven standalone private-sector health insurance firms clocked Rs 1,116 crore premium in September this year, up 22 per cent from Rs 917 crore a year before.
The remaining two specialised state-run insurers — Agricultural Insurance Company of India and ECGC — however, witnessed a decline of 12 per cent in their premium income at Rs 3,302 crore, compared to Rs 3,761 crore.
On a cumulative basis, the premium collection of all non-life insurers during April-September this fiscal rose by 17 per cent to Rs 95,979 crore.
The 25 general insurers witnessed a 17 per cent increase in their combined premium income at Rs 82,802 crore and the seven standalone heath insurers registered a growth of over 6 per cent at Rs 6,097 crore.