Non-life insurance companies’ premium up 9% in July

Venkatesan R | | Updated on: Jan 09, 2018

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The total premium of non-life insurance companies saw an increase of nine per cent at ₹ 9,791 crore in July when compared with ₹ 8,975 crore in July 2016, according to the data provided by the insurance regulator.

Of the total premium underwritten by general insurance companies during the month, public sector organisations garnered ₹ 4,213 crore, which was lower than ₹ 4,502 crore that they collected in a year ago month.

Private players mobilised about ₹ 5,140 crore during July this year, according to Insurance Regulatory and Development Authority of India (Irdai).

Among the four public sector companies, only National Insurance Company achieved positive growth during the month. It clocked a total premium of ₹ 1,123 crore as against ₹ 1,067 crore.

Though it retained top position, New India’s total premium for the month saw a decline of 11 per cent at ₹1,315 crore.

United India Insurance’s total premium stood at ₹ 1,096 crore (₹ 1,220 crore). Oriental Insurance garnered ₹ 679 crore as against ₹ 732 crore.

In private sector category, ICICI Lombard topped the table with a total underwritten premium of ₹ 1,010 crore, which was higher by 11 per cent when compared with ₹ 910 crore in July 2016.

Bajaj Allianz and HDFC Ergo General mobilised ₹ 590 crore (₹ 598 crore in July 2016) and ₹452 crore (₹ 320 crore) respectively.

Combined premium of five standalone health insurers grew to ₹ 552 crore when compared with ₹ 385 crore.

For April-July 2017 period, the total non-life insurance premium collected by private and public insurers grew by 19 per cent at ₹ 43,077 crore (₹ 36,294 crore).

Public sector companies had a combined market share of 48 per cent. Private sector non-life companies had a total share of 45 per cent.

Published on August 10, 2017
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