Non-life insurers registered 7% growth in new business premium collection in April 2014 compared to 22% growth in April 2013.
The new financial year has started on a slow note for non-life insurance companies. Non-life insurers clocked 7% growth in new business premium collection in April 2014 compared to 22% growth in April 2013.
IRDA data shows that the 28 general insurers have collected Rs. 8,421 crore in April 2014 as against Rs. 7,890 crore in the corresponding period last year. Experts attributed this dip in growth to slackness in automobile industry and stalled infrastructure projects.
Private sector
IRDA data shows that private non-life insurers have registered a growth of 5%, collecting Rs. 3,819 crore in April 2014 as against Rs. 3,645 crore in the corresponding period last year.
Among private insurers, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 4% with new business premium collection of Rs 846 crore while Bajaj Allianz stood at second position with new business premium collection of Rs. 421 crore (10% growth) in April 2014.
Meanwhile, Liberty General Insurance has witnessed a growth of 642% in terms of new business premium collection. It collected Rs. 26 crore as new business premium.
Public sector
The public sector insurers witnessed an 8% growth by collecting Rs. 4,602 crore in April compared to Rs. 4,245 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs. 1,544 crore followed by United India Insurance which reported a new business premium collection of Rs. 1,096 crore.
