ALSO READInsurance industry entering a phase of sustainable growth: HDFC Life CEO Problem of plenty for i-banks, legal firms handling insurance IPOs SBI Life's Rs 8,400-cr IPO sails through on institutional demand CPPIB, GIC among anchor investors in SBI Life's offering SBI Life Insurance files for IPO to raise Rs 7,000 crore
India's non-life insurance firms collected gross premium of Rs 17,530.64 crore in September this year, up 13.6 per cent 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 per cent 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 per cent 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 per cent); Tata AIG Rs 387 crore (down 22 per cent) and Cholamandalam Rs 432.33 crore (up 32 per cent) 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 per cent to Rs 72,564.42 crore during April-September. Public sector companies witnessed a growth of 14.42 per cent at Rs 37,607.56 crore while private sector firms earned premium of Rs 34,956.86 crore, a rise of 25.41 per cent over the same duration a year ago.