Private non-life players register 15% growth while public sector insurers recorded 11% growth in new business premium collection.
Slowdown 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-February 2014, lowest since April last year. Last month, the non-life insurance industry witnessed 14% growth in its new business premium collection.
The new business premium collection of 28 general insurers stood at Rs. 69,833 crore during April-February 2014 compared to Rs. 61,884 crore during the corresponding previous year.
IRDA data shows that the general insurers have collected Rs. 6,066 crore in February 2014 as against Rs. 5,784 crore in February 2013. In January, the non-life insurers collected Rs. 7,381 crore.
Private sector
IRDA data shows that private non-life insurers have registered a growth of 15% by collecting Rs 30,764 crore in April-February FY 2013-14 as against Rs 26,656 crore in the corresponding period last year.
Among private insurers, ICICI Lombard General Insurance has topped the premium chart by registering a growth of 11% with new business premium collection of Rs. 6,299 crore while Bajaj Allianz stood at second position with new business premium collection of Rs. 4,030 crore (14% growth) in April-January FY 2013-14.
Meanwhile, a new entrant in standalone health insurance segment Cigna TTK which has recently started its operation collected Rs. 4 lakh in February 2014.
Public sector
The public sector insurers witnessed an 11% growth, collecting Rs. 39, 070 crore in April-February FY 2013-14 compared to Rs. 35,228 crore in the corresponding period last year.
Among the PSU insurers, New India Assurance collected the highest premium of Rs. 10,300 crore followed by National Insurance which reported a new business premium collection of Rs. 9,288 crore.