Non-life premium collections up 13.8% in Aug

SBI General sees a whopping 216% growth in Apr-Aug

The premium collection of general insurance companies rose 13.8% in August 2012 compared to August 2011, according to data released by Insurance Regulatory and Development Authority (IRDA).

The monthly business figures for August 2012 stood at Rs 5779.57 crore.

For the April to August period, the total premium stood at Rs 27942.37 crore, up by 17.6% compared to the same quarter in the previous year. Among the private general insurers, SBI General saw a whopping 216% growth over the same period last year. Max Bupa Health Insurance also witnessed a healthy growth of 105% during the same period.

Star Health and Allied Insurance was the only private general insurance firm to report a decline in premium for the period. It showed a 42.7% decline for April to August period this year, compared to the same period last year.

While the private non-life insurers registered a 18.3% growth in April-July quarter of 2012 compared to the same quarter previous year, the four state-owned general insurance companies' collection stood at 17.18% for the same period.

Among public general insurance firms, Agriculture Insurance Company of India saw a 3.9% drop in premium during the same period.