Premium collection growth among general insurance cos up 14 pct

Big players like ICICI Lombard recorded a premium growth of 19.02 per cent.

Written by PTI | New Delhi | Published: November 24, 2013 1:03:39 pm

Premium collection amongst general insurance companies grew by 14.25 per cent in the first half of the current fiscal which also saw insurers like Royal Sundaram,Shriram General and United India registering lower mop-ups.

While the premium collection of Royal Sundaram during April-September declined by 3.90 per cent,Shriram General recorded a meagre growth of 7.04 per cent during the period,as per the Insurance Regulatory and Development Authority (IRDA) data.

State-owned United India Insurance has recorded a growth in premium collection of 7.07 per cent during the six month period.

The data,which is based on the filings by the insurers to IRDA,revealed that the general insurance companies recorded a premium growth of 14.25 per cent during the period.

While 21 private sector companies together registered a growth of 20 per cent,the public sector peers saw premium income rise by 10.19 per cent,primarily because they have a higher base.

Among the private sector companies,SBI General recorded a growth of 82.23 per cent,followed by Max Bupa at 68.97 per cent and L&T General at 51.97 per cent.

Big players like ICICI Lombard,Bajaj Allianz and HDFC Ergo General recorded a premium growth of 19.02 per cent,17.29 per cent and 18.27 per cent,respectively.

As regards the state-owned companies,New India Assurance reported an increase in premium of 12.33 per cent,followed by Oriental Insurance at 11.75 per cent,National Insurance at 9.73 per cent and United India at 7.07 per cent.

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