Experts said the growth is driven by increase in health insurance penetration across B-15 cities.
General Insurance sector once again maintained its growth streak by registering a healthy growth 19 percent growth in premium collection in the financial year 2012-13. IRDA data shows that the non-life insurers have accumulated premium of Rs 69,080 crore against Rs 58,119 crore in the corresponding period last year. The 27 companies have collected Rs 7186 crore in March 2013 against 6245 crore in last year.
Private non-life underwriters have registered a robust growth of 24 percent by collecting Rs 29,653 crore against Rs 23,976 crore in the corresponding period last year while public insurers registered 15 percent growth by accumulating Rs 39,427 crore against 34,142 crore in the corresponding period last year.
Among private players, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 19 percent with premium collection of Rs 6311 crore while Bajaj Allianz stood at second position with premium collection of Rs 3999 crore with 19 percent growth. SBI General Insurance has registered a robust growth of 208 percent in new premium collection.
Among the PSU insurers, New India Assurance collected the highest premium of Rs 10,035 crore (17 percent growth) followed by United India that reported a premium income of Rs 9300 (14 percent hike).
Industry experts said that the growth can be attributed to the increase in penetration of health insurance sector across B-15 cities. Krishnamoorthy Rao, MD, Future Generali General Insurance said that the government sponsored health insurance has improved the penetration of health insurance even in rural areas. He further said that the health insurance business has been growing in big cities as well as in B–15 cities with rapid speed.
The experts also opined that the industry can register even healthier growth if an adequate hike is allowed in motor premium rates.