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Insurance Non-life insurers see robust growth in new business premium

Non-life insurers see robust growth in new business premium

The general insurance industry has collected Rs. 72,564 crore in six months.
Team Cafemutual Oct 17, 2017

Non-life insurance companies have kept up their momentum by clocking in Rs.72.564 crore premium in April-September 2017 as against Rs.60,742 crore in the corresponding period last year. Insurance companies and advisors attribute this growth to increase in health, motor and crop insurance business.

IRDAI data shows that 29 general insurance companies posted a growth of 19% in their new business premium collection in the first half of FY 2017-18.

Among private players, ICICI Lombard topped the chart by posting the highest business premium collection of Rs. 6,493 crore in this period. While Bajaj Allianz bagged the second place with premium collection of Rs. 4,806 crore, HDFC Ergo collected premium of Rs. 3,720 crore to be at the 3rd position. Private non-life insurers collected a total business premium of around Rs. 31,767 crore in the second quarter of this fiscal.

Business premium of PSU general insurers grew to Rs. 31,558 crore in April-September 2017 as against Rs. 28,064 crore in the corresponding period last year. Amongst PSU non-life insurance companies, New India collected the highest premium income of Rs. 10,802 crore followed by United India that recorded a premium collection of Rs. 7,648 crore in the HFY 2017-18.

Six standalone health insurers collected close to Rs. 3,189 crore in April-September 2017 as against Rs. 2,237 crore in the previous quarter of the corresponding period.

 

 

 

 

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