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General insurance industry reports 19% growth in Apr-Feb period

The 27 non-life insurers collected Rs. 618.85 billion gross premium in the 11 months of FY12-13

April 17, 2013 1:09 IST | India Infoline News Service
The general insurance industry grew 19.34% in the April-February period of 2012-13 compared to the financial year 2011-12, according to IRDA (Insurance Regulatory and Development Authority) data.

The 27 non-life insurers collected Rs. 618.85 billion gross premium in the 11 months of FY12-13.

Of the total premium, the share of 21 private sector players stood at Rs. 266.55 billion, while four public sector players—New India Assurance, National Insurance, United India and Oriental Insurance— contributed Rs. 311.96 billion.

In the 11 months of FY12-13 SBI General Insurance’s gross premium collection zoomed 209% to Rs. 6.53 billion from Rs. 2.11 billion in FY11-12, while Raheja QBE collected Rs. 195.1 million premium, a rise of 44.18%.

In the same period, Star Health & Allied Insurance reported negative growth of 30.26% at Rs. 7.40 billion.

During the period under review ICICI Lombard gross premium increased 19.45% to Rs. 56.55 billion from Rs. 47.34 billion, whereas Bajaj Alliance premium rose 20.25% to Rs. 35.28 billion from Rs. 29.34 billion.

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