General insurance sector has recorded a healthy growth of 17% in the new business premium collection for the period April-July 2013.
Data from IRDA states that the non-life insurers have collected Rs 25,894 crore in April-July 2013 against Rs 22,074 crore in the corresponding period last year. The 27 general insurance companies have collected Rs 6,379 crore in July 2013 compared to Rs 5,554 crore last year.
The data also states that private non-life insurers have registered a growth of 24% by collecting Rs 11,517 crore in April-July as against Rs 9,280 crore in the corresponding period last year. The public sector insurers have witnessed 12% growth by accumulating Rs 14,375 crore against Rs 12,793 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs 4,031 crore followed by United India which reported a premium income of Rs 3,594 crore.
Among private insurers, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 25% with premium collection of Rs 2,364 crore while Bajaj Allianz stood at second position with premium collection of Rs1,506 crore till July 2013. Religare has shown a sharp growth of 740% in the premium collection by accumulating Rs 62 crore in April-July 2013.