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IRDAI Report: General Insurers Recorded 13.2% Growth in Premiums in April-Nov, 2018
- DetailsWritten by PolicyBazaar -
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Updated date : 12 December 2019
General Insurance companies including the health insurer, non-life insurers and specialized PSU insurance companies recorded Rs. 1,087.26 billion premium amount in the April-November 2018 period as compared to Rs. 960.1 billion in 2017.
In the April-November period of 2018, the private general insurers saw a significant growth of 23.40 percent. And the state-owned insures recorded a marginal growth of 2.26 % during the same period. In total, the private general insurers earned Rs. 517.15 billion during the same period in 2018 in comparison to Rs 419.07 billion last year.
The 4 state-owned general insurance companies - New India Assurance, National Insurance, United India Insurance, and Oriental Insurance earned direct premiums equal to Rs. 439.94 billion during the same period as opposed to Rs 430.02 billion in 2017.
Out of the big 4 state-owned insurance companies, National Insurance and United India Insurance reported a decline in their gross premium earning during the same period.
United India Insurance Company with a market share of 9.30% saw a contraction of 2.78 % from Rs. 104.01 billion to Rs. 101.12 billion.
Similarly, National Insurance Company, with a market share of 8.90 % in the general insurance segment, recorded a decline of 9.85 % in its gross premium earnings. The earnings declined to Rs. 96.76 billion in April-Nov, 2018 as compared to Rs. 107.33 billion during the same period in 2017.
Quite the reverse, Oriental Insurance, and New India Assurance saw a growth of 15.01% and 8.33%, respectively. In absolute terms, both the insurers earned Rs 85.20 billion and Rs. 156.84 billion in gross premiums.
However, the private insurers saw excellent growth in their premium earnings from April to November 2018. In total, the private insurers recorded a jump in their gross premiums from Rs 419.06 billion to Rs 517.15 billion.
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