Non-life insurers post 19 percent growth in April

May 31st, 2011 - 7:28 pm ICT by IANS  

Chennai, 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.

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