Non-life insurers clock 22% growth in April-December

Non-life insurance companies registered 22.41 per cent growth in premium collections during the first nine months of the financial year.

According to data released by the Insurance Regulatory Development Authority (Irda), non-life insurers collected a total gross premium of Rs 30,813 crore during April-December, as compared to Rs 25,172 crore in the corresponding period last year.

“The overall economic scenario is good. Health segment is growing at 35-40 per cent while motor at 20 per cent,” said ICICI Lombard Chief Financial Officer Rakesh Jain.

Auto sales increased by 28.62 per cent in the first nine months. It has helped to increase motor insurance, which accounts for their 50 per cent business.

“Insurer’s see surge in premium income when auto sales go up,” said a senior executive of a non-life insurance company.

At present, health comprises 25 per cent of the business for the industry, whereas motor generates 40 per cent. Private players grew by 24.35 per cent while four public sector insurers saw a growth of 21 per cent.