General Insurance sector has once again registered a healthy growth of 20 percent in premium collection in the first two months of current financial year. Experts attribute this growth to increasing penetration of health insurance products in B-15 cities.
IRDA data shows that the non-life insurers have collected Rs 13,552 crore in first two months of present financial year against Rs 11,333 crore in the corresponding period last year. The 27 companies have collected Rs 5,662 crore in May 2013 against 4,866 crore last year.
The data also shows that the private non-life insurers have registered a robust growth of 28 percent by collecting Rs 6173 crore in April-May, 2013 against Rs 4,809 crore in the corresponding period last year while public sector insurers witnessed 13 percent growth by accumulating Rs 7,379 crore against 6,523 crore in the corresponding period last year.
Among private players, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 23.5 percent with premium collection of Rs 1,277 crore while Bajaj Allianz stood at second position with premium collection of Rs 735 crore with 20 percent growth. Among the PSU insurers, New India Assurance collected the highest premium of Rs 2,134 crore (13 percent growth) followed by United India that reported a premium income of Rs 1,861 crore (10.5 percent hike).