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Insurance Regulatory Development Authority’s statistics display that the non-life insurance premium has increased by 8.1 per cent year-on-year to Rs. 6,118.11 crore in May 2014. Talking about the share, non-life insurers collected 55.3 % of the total premium collected of Rs. 3,381.86 crore while the rest of the 44.7% came from private companies. During the initial 2 months of 2014-15, non-life insurance firms collected 7.28% more premium to Rs 14,539.55 crore.
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And, premium collected by public sector insurers rose by 8.2% to Rs 7,984.37 crore during April-May and for private companies the premium collected increased by 6.19% to Rs 6,555.17 crore.
Out of the six public sector non-life insurance companies, premium collected by New India Life Insurance in May was Rs 86.06 crore (up 13.8%), United India collected Rs 870.50 (up 3.6%), National Insurance Company collected Rs 867.79 crore (up 15.1%) and Oriental Insurance Rs 615.52 crore (up 12%)
Contribution of Export Credit Guarantee Corporation was Rs 102.41 crore (down 1.3%) and A/C collected Rs 39.58 crore (down 19.9%).
Glancing at the premium collected by private players – Reliance General increased by 10.9% from a year ago to Rs 220.37 crore, Bajaj Allianz collected Rs. 356.97 crore (up 1.6%), ICICI Lombard Rs 516.46 crore(up by 12.3%) and IFFCO-Tokio collected Rs 234.78 crore (up by 5.7%). HDFC ERGO General collected Rs 201.65 which is up by 12%, Bharti AXA General Rs 121.85 crore and SBI General Rs. 102.21 crore i.e. up by 20.3%.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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