General insurance premium rises 5% in February
20 Mar, 2014 12:12 PM
The premium income of non-life insurance companies, including that of four public sector entities, grew 5 per cent in February to Rs 6,066.30 crore.

The four PSU entities — National Insurance, New India Assurance, Oriental Insurance and United India Insurance — saw their gross premium collection rise by 2.6 per cent year-on-year to Rs 3,394.83 crore in February.

During the month, these four entities accounted for about 56 per cent of the total premium collected by general insurance companies.

The gross premium of 28 players in the general insurance market during April-February period of 2013-14 rose by 12.84 per cent to Rs 69,833.07 crore, according to data available with Insurance Regulatory and Development Authority (IRDA).

For April-February period, the premium collected by public general insurance companies grew by 10.9 per cent from a year earlier to Rs 39,069.61 crore, IRDA data showed.

Amongst the private sector players, L&T General witnessed a rise of 37 per cent in its premium income to Rs 21.40 crore in February. SBI General’s premium income rose by 31.2 per cent on the year to Rs 104.03 crore and that of HDFC Ergo General increased by 28.22 per cent to Rs 261.08 crore.

Among other private players, the premium income of Reliance General increased to Rs 180.12 crore, up 16.2 per cent from a year ago. However, ICICI Lombard and Bajaj Allianz saw only marginal rise of 4.2 per cent and 5.8 per cent rise in their premium incomes at Rs 517.18 crore and Rs 335.52 crore respectively.

The gross premiums collected by 24 private players in February were up by 8 per cent to Rs 2,671.48 crore. Their cumulative premium income during the first 11 months of the current fiscal has increased by 15.41 per cent to Rs 30,763.45 crore.
Source : Business Line

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