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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