19% Growth In Premium Income Of Indian General Insurance Industry

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Indian General Insurance Industry has registered a growth of 19% unlike other 23 private companies which have gathered 12.62% premium collection growth. Hyderabad, 10th

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      March 2014: Where 23 private companies have possessed 12.62% growth in premium collection i.e. up to Rs 3,274.48 crore, the Indian general insurance industry has registered a growth of 19% during the month of January to Rs 7,380.72 crore. There are 27 general insurance companies among which 23 are private and four are state-run. 

      According to IRDA (Insurance Regulatory and Development Authority), there is a gross premium collection growth of 24.59% year-on-year to Rs 4,106.23 crore by the four public insurers namely-   National Insurance Company, Oriental Insurance, New India Assurance and United India Insurance in January. 

      Among the private sector companies, premium income growth of ICICI Lombard is raised by 6.6% to Rs 703.22 crore and of Reliance General up 14.1 % to Rs 184.97 crore. Apollo Munich has acquired a growth of 52.98% to Rs 166.77 crore in January. SBI General up by 38.85% to Rs 111.72 crore, Tata-AIG by 5.7% to Rs 203.46 crore and HDFC Ergo General has registered a growth of 9.5% to Rs 231.21 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. 

      The data given by the insurance watchdog reveals an increment of 13.66% to Rs 63,766 crore during April-January in the gross premium of the state-run and private players of the non life insurance market. 

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.