Thursday, December 6, 2012

Non-life insurers' premium income grows 19% in first half

As a result of increase in premium rates and pick up in health insurance, non-life insurance segment has registered a 19.4% increase in gross premium income in the first six month of the FY' 2012.

As per the data received from the Insurance Regulatory and Development Authority (IRDA), the non-life insurance industry collected a gross premium income of Rs 39,453 crore in the first half against Rs 33,041 crore in the same period last year.

The private sector insurers performed better than the state-run insurers. The four state-run non-life insurers collected Rs 22,802 crore, registering an increase of 17.83%. Whereas; the private insurers have collected Rs 16,650 crore, a 21.62% growth.

The CEO of a large private insurance firm said, “Premium on fire and property insurance has gone up by 10-15%, contributing to the increase in premium collection." SBI General Insurance registered significant premium growth of 206.69% during the period. Whereas; private sector insurer ICICI Lombard reported by 15.78%.

Stand alone health insurer- Star Health & Allied Insurance was the only company to register a drop in premium income of 40.9%.

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