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Insurance Regulatory Development Authority’s statistics display that the non-life insurance premium has increased by 8.1 per cent year-on-year to Rs. 6,118.11 crore in May 2014. Talking about the share, non-life insurers collected 55.3 % of the total premium collected of Rs. 3,381.86 crore while the rest of the 44.7% came from private companies. During the initial 2 months of 2014-15, non-life insurance firms collected 7.28% more premium to Rs 14,539.55 crore.
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And, premium collected by public sector insurers rose by 8.2% to Rs 7,984.37 crore during April-May and for private companies the premium collected increased by 6.19% to Rs 6,555.17 crore.
Out of the six public sector non-life insurance companies, premium collected by New India Life Insurance in May was Rs 86.06 crore (up 13.8%), United India collected Rs 870.50 (up 3.6%), National Insurance Company collected Rs 867.79 crore (up 15.1%) and Oriental Insurance Rs 615.52 crore (up 12%)
Contribution of Export Credit Guarantee Corporation was Rs 102.41 crore (down 1.3%) and A/C collected Rs 39.58 crore (down 19.9%).
Glancing at the premium collected by private players – Reliance General increased by 10.9% from a year ago to Rs 220.37 crore, Bajaj Allianz collected Rs. 356.97 crore (up 1.6%), ICICI Lombard Rs 516.46 crore(up by 12.3%) and IFFCO-Tokio collected Rs 234.78 crore (up by 5.7%). HDFC ERGO General collected Rs 201.65 which is up by 12%, Bharti AXA General Rs 121.85 crore and SBI General Rs. 102.21 crore i.e. up by 20.3%.
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