Money & Banking

Non-life insurance companies’ premium jumps 16% in May

Our Bureau Chennai | Updated on January 12, 2018 Published on June 09, 2017

insurance

The total premium of non-life insurance companies saw a jump of 16 per cent to Rs 9,605 crore in May when compared with a premium of Rs 8,268 crore in May 2016, according to the data provided by the insurance regulator.

Of the total premium underwritten by non-life insurance companies during the month, public sector insurers garnered Rs 4,989 crore, while private players secured about ₹ 4,616 crore, according to the Insurance Regulatory and Development Authority of India (IRDAI).

Among the four public sector companies, New India topped the table with a premium of ₹ 1,476 crore, a growth of 20 per cent over May 2016 premium of ₹ 1,233 crore.

United India Insurance registered an increase of 23 per cent at ₹ 1,313 crore. National Insurance Company clocked ₹ 1,282 crore, an increase of 10 per cent. Oriental Insurance garnered ₹ 799 crore as against ₹ 785 crore.

In private sector category, ICICI Lombard saw its underwritten premium grow by 15 per cent in May to ₹ 949 crore when compared with ₹ 828 crore in May 2016.

Bajaj Allianz and HDFC Ergo General mobilised ₹ 536 crore (₹ 462 crore in May 2016) and ₹ 381 crore (₹ 239 crore), respectively.

Combined premium of five standalone health insurers increased to ₹ 455 crore when compared with ₹ 328 crore in May 2016.

For April-May 2017 period, the total non-life insurance premium collected by private and public insurers grew 16 per cent to ₹ 21,801 crore.

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Published on June 09, 2017
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