General insurers see 13% growth in premium in Apr-Oct

Private non-life insurers collected Rs 22,535 cr premium, a growth of 11%

General insurance companies reported a 12.6 per cent growth in premium collection for the April to October period 2015-16 against the same period last financial year.

According to data from the General Insurance Council, non-life insurers collected total premiums of Rs 55,005 crore as against Rs 48,841 crore in the same period previous financial year. Here, public sector insurers collected Rs 27,422.83 crore in this period, up 11 per cent.

Private non-life insurers collected Rs 22,535 crore premium, also seeing a growth of 11 per cent. Standalone health insurers saw the steepest rate of growth of almost 45 per cent and collected Rs 1,974.60 crore for the period.

Specialised insurers also saw a double digit growth of 22 per cent in the April-October period. Premium growth had been under pressure in the general insurance sector due to slower growth in auto sales apart from fewer number of projects taking off. However, industry officials said the festive season might bring a better rate of growth in retail segments such as travel, auto and home insurance.