The new business premium collection of 27 general insurers increased by 14% to Rs. 63,767 crore during April–January FY 2013-14 compared to Rs. 56,101 crore during the corresponding previous year.
The growth was driven by motor insurance and health insurance segments which collectively reported a new business premium collection of Rs 37,184 crore in the first three quarters of FY 2013-14 compared to Rs 31,298 crore in the corresponding period last year.
IRDA data shows that the general insurers have collected Rs 7,381 crore in January 2014 as against Rs 6,203 crore in January 2013.
Private sector
IRDA data shows that private non-life insurers have registered a growth of 16% by collecting Rs 28,092 crore in April-January FY 2013-14 as against Rs 24,183 crore in the corresponding period last year.
Among private insurers, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 12% with the new business premium collection of Rs. 5,781 crore while Bajaj Allianz stood at second position with new business premium collection of Rs. 3,694 crore (15% growth) in April-January FY 2013-14.
Public sector
The public sector insurers witnessed a 12% growth, collecting Rs. 35, 675 crore in April-January FY 2013-14 compared to Rs. 31,918 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs. 9,400 crore followed by United India which reported a new business premium collection of Rs. 8,510 crore.