Non-life insurers log 17 percent growth in first quarterJuly 12th, 2012 - 4:36 pm ICT by IANS
Chennai, July 12 (IANS) The 24 non-life insurance companies logged 17.96 percent business growth during the first quarter of the current fiscal, said industry sources.
“The industry closed the first quarter with a premium income of around Rs.16,587 crore up from Rs.14,062 crore earned during the corresponding period of the previous year,” a senior industry official, preferring anonymity, told IANS, citing business figures compiled by the General Insurance Council of India, the industry lobby.
Barring the city-based pure play health insurer Star Health and Allied Insurance Company that experienced a negative premium growth, all the other 23 companies posted growth during the period under review.
However, among the three pure play health insurers, Star Health continued its leadership position with a premium of Rs.179.83 crore and is followed by Apollo Munich’s Rs.101.68 crore and Max Bupa’s Rs.36.39 crore.
The five public sector non-life insurers earned a premium of around Rs.9,579 crore, logging a growth of 19.11 percent. The private players earned a premium income of Rs.7,008 crore with a 16.42 percent growth.
While the Mumbai-based New India Assurance continued its industry leadership with a premium of Rs.2,743.51 crore, ICICI Lombard leads the private players club with Rs.1,404.75 crore premium income.
- Non-life insurers log 27 percent business growth in May - Jun 25, 2011
- Non-life insurers post 19 percent growth in April - May 31, 2011
- Non-life insurers post 18 percent growth in May 2012 - Jun 28, 2012
- Star Health to raise Rs.150 crore fresh capital - Jul 31, 2012
- Non-life insurers need to be prudent in underwriting risks: GIC - Aug 18, 2012
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- Bajaj Allianz to launch gender-based pricing of health policy - Aug 31, 2012
- Profitability big challenge for Indian insurers: Report - Apr 11, 2011
- Chola MS General targets Rs.1,400 crore premium in 2011-12 - Jun 02, 2011
- GIC having a relook at obligatory reinsurance contracts - Aug 17, 2012
- Insurance industry to be worth $400 bn by 2020: Report - Apr 10, 2011
- United India to expand micro-offices, agency channel - Sep 18, 2012
- United India to cross Rs.8,000 crore premium - Feb 14, 2012
- Private insurers upset over GIC cutting commission rates - Apr 14, 2010
- United India targets Rs.8,000 crore premium income - May 03, 2011
Tags: allied insurance company, bupa, business figures, business growth, crore, general insurance, health insurer, health insurers, icici lombard, industry leadership, industry sources, insurance council, leadership position, life insurance companies, life insurers, new india assurance, private players, rs 1, rs 2, star health