Public sector general insurers have reported premium collection of Rs. 2878 crore for gross premium underwriting (IRDA figures: April’11-January’12). Private insurers are not too far behind with their premium collection at Rs. 2314 crore for the same period, which was at Rs. 1952 crore in the same period last year.
Among private players, ICICI Lombard General Insurance lead the way with Rs. 495 crore of premium collection, followed by Bajaj Allianz at Rs. 309 crore and HDFC ERGO at Rs. 170 crore.
Among PSUs, National Insurance is ahead of the game with its premium collection at Rs. 720 crore, followed by New India Assurance at Rs. 701 crore, United India at Rs. 608 crore, and Oriental Insurance at Rs. 499 crore.
The three standalone health insurance companies too have done well. Star Health reported a collection of Rs. 153 crore, Apollo Munich – Rs. 86 crore and Max Bupa – Rs. 13 crore for the period April’11-January’12.
“General insurance business has been increasing in
the last three quarters and we should show such stable performance in the last
quarter of the current fiscal. However, our premium collection might be
affected by the new regulation that the government has laid down - insurers to bear the risk of loss-making
businesses on their books or hike the premiums,” said K.G. Krishnamoorthy Rao, MD and CEO, Future
Generali India.