Non-life insurance biz grew 20% in April

The general insurance industry’s gross premium income rose 20 per cent in April, compared to the corresponding period last year. According to data collated by insurers, the industry collected Rs 5,252 crore by writing new policies in April, compared with Rs 4,381 crore in the year-ago period.

Private general insurance players outshone public sector insurers, registering a growth of 28 per cent at Rs 2,296 crore, while public sector companies collected Rs 2,956 crore, a rise of 14 per cent over the year-ago period.

In March, the industry had written new policies worth Rs 4,656 crore, a rise of 15 per cent over the Rs 4,043 crore reported in the same period a year ago.

During 2010-11, a period which recorded huge losses on account of the third-party motor pool, the general insurance industry collected Rs 42,568 crore through new policies. This was a rise of 22 per cent over the Rs 34,984 crore collected in 2009-10.

According to industry estimates, in 2010-11, total industry losses on account of the commercial third-party motor pool stood at around Rs 4,000 crore. Third-party motor pool losses are shared by all general insurance players in proportion to their market share.