Moneycontrol
Oct 10, 2017 09:13 PM IST | Source: PTI

Non-life insurers' Sep premium up 14% on yr at Rs 17,530.64cr

Private sector non-life insurers collected Rs 7,718.37 crore during the month, up 23 percent year-on-year.

Non-life insurers' Sep premium up 14% on yr at Rs 17,530.64cr

India's non-life insurance firms collected gross premium of Rs 17,530.64 crore in September this year, up 13.6 percent from the same month last year, according to the Irdai data.

The non-life insurance firms had underwritten premium of Rs 15,428.17 crore in September 2016.

Public sector companies earned a premium of Rs 9,812.27 crore in September, up 7 percent compared to Rs 9,163.48 crore in the same month last year, the data released by Insurance Regulatory and Development Authority of India (Irdai) today showed.

Private sector non-life insurers collected Rs 7,718.37 crore during the month, up 23 percent year-on-year.

Among private sector non-life insurance companies, Bajaj Allianz wrote premium of Rs 1,387.08 crore in September (up 52.3 per cent); ICICI Lombard Rs 1,218.35 crore (up 22.1 per cent); HDFC Ergo General Rs 1,005.75 crore (up 0.7 per cent); Reliance General Rs 877.38 crore (up 1.6 per cent).

SBI General recorded premium of Rs 434.64 crore (up 90 percent); Tata AIG Rs 387 crore (down 22 percent) and Cholamandalam Rs 432.33 crore (up 32 percent) among others.

Standalone private health insurers recorded a rise of 42.7 per cent in their premium at Rs 635.88 crore. The two specialised public sector insurers -- ECGC and AIC -- reported a combined premium of Rs 3,505.28 crore, slightly down from a year ago.

Aditya Birla Health, that commenced operations in October 2016, registered premium of Rs 16.09 crore.

On cumulative basis, total premium collected by all the non-life insurers grew by 19.46 percent to Rs 72,564.42 crore during April-September.

Public sector companies witnessed a growth of 14.42 percent at Rs 37,607.56 crore while private sector firms earned premium of Rs 34,956.86 crore, a rise of 25.41 percent over the same duration a year ago.
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