Non-life insurers post 19 percent growth in April
May 31st, 2011 - 7:28 pm ICT by IANSChennai, May 31 (IANS) The Indian non-life insurance sector logged a business growth of 19.87 percent last month as compared to the gross premium earned during April 2010.
According to the business figures released by the Insurance Regulatory and Development Authority (IRDA) Tuesday, the 19 member general insurer’s club recorded a total premium of Rs.5,252.24 crore in April, up from Rs.4,381.49 crore earned in April 2010.
The four state-owned non-life insurers - National Insurance, New India Assurance, Oriental Insurance and United India Insurance - earned a total premium of Rs.2,956.55 crore last month while the 15 private sector companies together earned Rs.2,295.69 crore.
The Mumbai-based New India Assurance leads the industry earning with Rs.1,002.60 crore and is followed by United India with Rs.719.19 crore, National Insurance Rs.654 crore and Oriental Insurance Rs.580.76 crore.
Among the private players ICICI Lombard leads the pack with Rs.586.80 crore and is followed by Bajaj Allianz Rs.280.97 crore.
Of the three pure play health insurers, the city-based Star Health and Allied Insurance earned a gross premium of Rs.224.48 crore and is followed by Apollo Munich Rs.30.69 crore and Max Bupa Rs.4.10 crore.
However, the Agriculture Insurance Company and Export Credit Guarantee Corporation of India (ECGC) transacting agriculture and export credit insurance business closed last month with negative growth.
The Agriculture Insurance Company earned Rs.37.96 crore down from Rs.45.85 crore earned during April 2010.
Last month, ECGC earned a premium of Rs.65.35 crore as against Rs.65.27 crore earned during April 2010.
- Non-life insurers log 27 percent business growth in May - Jun 25, 2011
- Profitability big challenge for Indian insurers: Report - Apr 11, 2011
- PSU general insurance employees upbeat about wage hike - May 06, 2010
- Insurance industry to be worth $400 bn by 2020: Report - Apr 10, 2011
- United India targets Rs.8,000 crore premium income - May 03, 2011
- Chola MS General targets Rs.1,400 crore premium in 2011-12 - Jun 02, 2011
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- Insurance fund for road accident victims facing deficit - Dec 11, 2010
- Government-owned insurers hog limelight in April - May 25, 2010
- Shriram General posts underwriting profit - Jun 16, 2010
- Private insurers upset over GIC cutting commission rates - Apr 14, 2010
- State-run general insurers post 10 percent growth - Oct 11, 2009
- United India to cross Rs.8,000 crore premium - Feb 14, 2012
- Life insurance had a great fall in September - Oct 21, 2010
- Firewalls needed between banks and insurance firms: Survey - Mar 15, 2012
Tags: allied insurance, bajaj allianz, credit guarantee corporation, crore, ecgc, export credit insurance, health insurers, india insurance, insurance business, insurance regulatory and development authority, life insurance sector, life insurers, national insurance, new india assurance, oriental insurance, private players, private sector companies, rs 2, rs 65, star health