Motor segment drove premiums for general insurers in FY13

The motor segment drove the premium growth for general insurance companies in 2012-13. Irda data shows for non-life companies, the segment accounted for Rs 29,777 crore for the year ended March 31, a 22.8 per cent growth over the previous year. In motor insurance, the own damage segment accounted for premium collections of Rs 16,593 crore, followed by third-party segment contributing  Rs  12,984 crore.

While motor third party insurance is mandatory in India, own damage insurance is optional.

The health insurance premium contribution came next, contributing Rs  15,341 crore to the total kitty for FY13, as compared to Rs  13,212 crore in FY12. Other segments that followed health in terms of segment-wise premium contribution included fire, marine, engineering, personal accident and liability. Aviation was the only segment which saw a decrease in premium growth, at Rs  469 crore for FY13 as against Rs  482 crore in FY12.

General insurers posted a 18.8 per cent rise in premium collections for 2012-13 and collected Rs  69,081 crore for the year ended March 31. Non-life insurers had collected Rs  58,120 crore of premium in 2011-12.