Motor insurance collection figures are the key reason for the increase in premium compared to last year.
Twenty five general insurers garnered a premium collection of Rs. 34,002 crore compared to Rs. 28,607 crore the previous year between April–September, resulting in a premium growth of 18 per cent. The growth was driven by motor insurance which reported a premium collection of Rs 13,626 crore compared to Rs 10,878 crore last year.
Among the private insurers, ICICI Lombard General Insurance led with a premium collection of Rs 1,198 crore against Rs 917 crore a year ago. It was followed by Bajaj Allianz General Insurance who reported a collection of Rs 1,093 crore compared to Rs 920 crore in the corresponding period last year.
Among the PSU insurers, National Insurance collected highest premium of Rs 2,076 crore against Rs 1,655 crore in the corresponding period last year under motor insurance, followed by New India Assurance that reported a premium income of Rs 1,770 crore against Rs 1,371 crore in the same period last year.
“Growth in premium segment car sale pushed up the motor insurance premium for insurance companies,” said KG Krishnamoorthy Rao, MD and CEO, Future Generali General Insurance.
However, health insurance premium registered lower growth. This category reported a premium collection of Rs. 7,481 crore compared to Rs 6,716 crore. ICICI Lombard witnessed a negative growth with a premium collection to Rs 687 crore during the same period compared to Rs 768 crore last year. Bajaj Allianz General Insurance reported a premium collection of Rs 284 crore against Rs 216 crore.
Among PSU players, New India
Assurance collected highest premium of Rs 1,529 crore in the April–September
period, compared with Rs 1,304 crore in same period last year. United India is
second in the list with Rs 1,438 crore compared to Rs 1,096 crore.