Non-life insurance companies have continued their growing streak by registering 19 percent growth in premium collection this year. Last month too, general insurers had registered 19 percent growth in premium collection. Insurance companies and advisors have attributed this to increase in penetration of health insurance.
IRDA data shows that the non-life insurance companies have collected Rs 61,885 crore from April 2012 to February 2013 against Rs 51855 crore in the corresponding period last year. The 27 non-life insurers have collected Rs 4853 crore in the month of February.
Among private players, ICICI Lombard General Insurance has topped the chart by registering a growth of 19 percent with premium collection of Rs 5655 crore while Bajaj Allianz stood at second position with premium collection of Rs 3528 crore resulting in 20 percent growth.
Among the PSU insurers, New India Assurance collected the highest premium of Rs 8956 crore (17 percent growth) followed by United India that reported a premium income of Rs 8311 (19 percent hike).
IRDA data shows that the private non-life insurance sector has registered a robust growth of 23 percent with the collection of Rs 26655 crore while public sector general insurance sector rose by 17 percent as it has collected Rs 35229 crore.
Krishnamoothy Rao, MD, Future Generali General Insurance said that the growth has been due to increasing penetration of health insurance. However, he said, the slowdown in auto mobile industry and minor increase in motor insurance premium have affected motor insurance products to some extent.
Pankaj Mathpal, Managing Director of Optima Money Managers, said that awareness about the importance of health insurance products has increased among people. Now people have realized the need of health insurance as the cost of treatment has been rising day by day.
Yogesh Sabnis, a Mumbai based advisor said that the increase in premium collection of general insurance is largely due to financial year ending. Many people prefer to invest in health insurance products at the end of financial year. He said that the health insurance products have greater potential in the coming years.