Private non-life players register 18% growth while public players witness 10% growth in new business premium collection.
Growth of general insurance companies in terms of new business premium collection continued to decline on account of slackness in automobile sector and aggressive pricing in health insurance space. The industry’s premium collection growth dipped to 13% in April-November, lowest since April 2013. In September and October, the industry witnessed a growth of 14%.
IRDA data shows that the general insurers have collected Rs 50,308 crore in April-November 2013 as against Rs 44,451 crore in the corresponding period last year. The 27 companies have collected Rs 5,545 crore in November 2013 compared to Rs 5,158 crore last year.
The data also states that private non-life insurers have registered a growth of 18% by collecting Rs 22,133 crore in April-November as against Rs 18,829 crore in the corresponding period last year. The public sector insurers have witnessed 10% growth by accumulating Rs 28,175 crore in first eight months of FY 2013-14 against Rs 25,622 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs 7,420 crore followed by United India which reported a premium income of Rs 6,636 crore.
Among private insurers, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 14% with premium collection of Rs 4,530 crore while Bajaj Allianz stood at second position with premium collection of Rs2,928 crore till November 2013.