ALSO READICICI Lombard sets IPO price band, looks to raise Rs 5,700 crore Insurance IPOs: Fear of the unknown keeps investors at bay Insurance stocks become fund managers' favourites Non-life insurers' Sept premium up 14% on yr at Rs 17,530.640 cr: Irdai ICICI Pru Life mulls bid for Sahara's life insurance biz
Non-life insurance companies' gross premium increased by 9 per cent to Rs 10,012.41 crore in November, according to data from Irdai. They had collected gross premium of Rs 9,179.84 crore during the same month of 2016-17. There are a total of 30 non-life insurance companies in the country, of which six are standalone health insurers, two are specialised and the rest general insurance firms. The 22 general insurance companies collected total premium of Rs 9,188.58 crore in November, up 8.5 per cent from a year ago. The gross premium of standalone health insurance companies jumped nearly 46 per cent from a year ago to Rs 610.34 crore in November 2017-18. However, premium of the specialised insurers -- AIC and ECGC -- fell 27 per cent to Rs 213.49 crore, showed the data from the Insurance Regulatory and Development Authority of India (Irdai). Cumulatively, the gross premium of all the non-life insurers during April-November period of this financial year rose 17.6 per cent to Rs 96,106.55 crore. For general insurers, premium collection in the first eight months of the financial year increased by 16.4 per cent to Rs 85,024.85 crore; standalone health insurers' premium was up 43.3 per cent to Rs 4,369.71 crore, while for the specialised insurers the premium growth was up 18.9 per cent to Rs 6,711.99 crore. As of November 30, 2017, the New India Assurance Co Ltd has the highest market share in the non-life insurance market at 15.6 per cent, followed by National Insurance Company (11.17 per cent), United India Insurance (10.82 per cent), ICICI Lombard (8.81 per cent), Bajaj Allianz (6.22 per cent) and AIC (6.18 per cent). Overall, the 22 general insurance companies have a total market share of 88.47 per cent; 4.55 per cent is held by six standalone health insurance firms and the two specialised insurers have a combined market share of 6.98 per cent.