Royal Sundaram, Shriram Gen Insurance record low mop-ups

State-owned United India Insurance has recorded a growth in premium collection of 7.07% during six month period

Royal Sundaram, Shriram General and United India registered lower premium mop-ups even as such collections by the general insurance companies grew by 14.25% in the first half of the current fiscal.

While the premium collection of Royal Sundaram during April-September declined by 3.90%, Shriram General recorded a meagre growth of 7.04% during the period, as per the Insurance Regulatory and Development Authority (Irda) data.

State-owned United India Insurance has recorded a growth in premium collection of 7.07% during the six month period.

The data, which is based on the filings by the insurers to Irda, revealed that the general insurance companies recorded a premium growth of 14.25% during the period.

While 21 private sector companies together registered a growth of 20%, the public sector peers saw premium income rise by 10.19%, primarily because they have a higher base.

Among the private sector companies, SBI General recorded a growth of 82.23%, followed by Max Bupa at 68.97% and L&T General at 51.97%.

Big players like ICICI Lombard, Bajaj Allianz and HDFC Ergo General recorded a premium growth of 19.02%, 17.29% and 18.27%, respectively.

As regards the state-owned companies, New India Assurance reported an increase in premium of 12.33%, followed by Oriental Insurance at 11.75%, National Insurance at 9.73% and United India at 7.07%.