Slackness in automobile industry and aggressive pricing in health insurance segment led to a decline in the growth of new business premium collection in non-life segment. The industry’s new premium collection growth dipped to 13% in April-December 2013, lowest since April last year.
In April 2013, the 27 general insurance companies witnessed a healthy growth of 22%. Subsequently, the industry saw a declining trend in growth of its new business premium collection as it recorded 20%, 18% and 17% in April-May, April-June and April-July respectively. Last month too, the industry recorded a growth of 13% in new business premium collection.
IRDA data shows that general insurers have collected Rs 56,386 crore in April-December 2013 as against Rs 49,897 crore in the corresponding period last year. The 27 companies have collected Rs 6,078 crore in December 2013 compared to Rs 5,447 crore in December 2012.
The data also states that private non-life insurers have registered a growth of 17% by collecting Rs 24,817 crore in first three quarters of FY 2013-14 as against Rs 21,275 crore in the corresponding period last year. The public sector insurers have witnessed a 10% growth by accumulating Rs 31,569 crore in April-December 2013 against Rs 28,623 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs 8,397 crore followed by United India which reported a premium income of Rs 7,306 crore.
Among private insurers,
ICICI Lombard General Insurance has topped the premium chart by registering a
growth of 13% with premium collection of Rs. 5,078 crore while Bajaj Allianz
stood at second position with premium collection of Rs3,266 crore till December
2013.