Non-life insurers log 27 percent business growth in May

June 25th, 2011 - 7:45 pm ICT by IANS  

Chennai, June 25 (IANS) The Indian non-life insurance sector logged around 27 percent business growth in May 2011 over the corresponding period in 2010, as per the figures released by the Insurance Regulatory and Development Authority (IRDA).

The 24 non-life insurers booked a total premium of around Rs.4,004 crore last month as compared to Rs.3,144 crore earned in May 2010.

The six government owned insurers - Agriculture Insurance, the Export Credit Guarantee Corporation of India (ECGC), National Insurance, New India Assurance, United India Insurance and Oriental Insurance - earned a total premium of Rs.2,358.60 crore.

The city-based United India led the industry earning a premium of Rs.624.90 crore and is followed by National Insurance with Rs.584.45 crore, New India Rs.574.56 crore and Oriental Insurance Rs.456.37 crore.

Among the 18 private non-life insurers, ICICI Lombard led the pack earning Rs.329.26 crore and was followed by Bajaj Allianz Rs.264.98 crore, Reliance General Rs.156.59 crore and IFFCO Tokio Rs.139.60 crore.

The three pure play health insurers - Star Health and Allied Insurance, Apollo Munich and Max Bupa booked a total premium of Rs.56.94 crore last month up from Rs.31.34 crore earned in May 2010.

Leading the health insurer’s pack is the city based Star Health with a premium of Rs.31.36 crore and is followed by Apollo Munich Rs.20.36 crore and Max Bupa Rs.5.22 crore.

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