Premium collection of general insurers dips 10.7% in March 2020

Non-life insurance sector reports 11.7% increase in the premium collection to Rs 189216 crore in April-March 2020-20

The Gross premium underwritten by non-life insurers (including specialized PSU insurers), declined -10.7% to Rs 15785 crore in March 2020 against March 2019. General Insurers reported dip of -15.3% in premium collection to Rs 13386 crore in March 2020, while Stand-alone Private Health Insurers increased by 4.3% to Rs 1807 crore in March 2020. Specialized PSU insurers have recorded surge in premium collection to Rs 591 crore in March 2020.

The non-life insurance sector reported 11.7% increase in the premium collection to Rs 189216 crore in April-March 2020-20.

Among the general insurers, the public sector general insurers have posted -13.9% decline in the gross premium underwritten to Rs 6708 crore, while that of private sector general insurers dipped -16.6% to Rs 6678 crore in March 2020. Among, public sector insurers, Universal Sompo General Insurance Company posted 80.6% growth in premium collection to Rs 234 crore, followed by United India Insurance Company at 4.6% to Rs 1698 crore, while the premium collection of The Oriental Insurance Company declined -10.4% to Rs 1361 crore, The New India Assurance Company -21.1% to Rs 2012 crore and National Insurance Company -21.9% to Rs 1637 crore in March 2020.

Among, private sector general insurers, Bajaj Allianz General Insurance Company posted -28.8% dip in premium collection to Rs 728 crore, followed by IFFCO Tokio General Insurance Company at -31.6% to Rs 619 crore, Go Digit General Insurance -50.9% to Rs 236 crore, SBI General Insurance Company -23.3% to Rs 564 crore and ICICI Lombard General Insurance Company -17.3% to Rs 744 crore in March 2020.

The premium collection of Tata AIG General Insurance Company also declined -20.1% to Rs 531 crore, Cholamandalam MS General Insurance Company -21.3% to Rs 370 crore, Royal Sundaram General Insurance Company -14.8% to Rs 241 crore, Future Generali India Insurance Company -10.8% to Rs 298 crore, Reliance General Insurance Company -7.2% to Rs 475 crore and Shriram General Insurance Company -13.2% to Rs 247 crore in March 2020.

However, the premium collection of HDFC Ergo General insurance Company increased 16.7% to Rs 850 crore, Acko General Insurance 37.1% to Rs 32 crore and Raheja QBE General Insurance Company 39.4% to Rs 27 crore in March 2020.

Among the health insurers, the premium collection of Religare Health Insurance Company gained 34.3% to Rs 222 crore, Star Health & Allied Insurance Company 37.5% to Rs 105 crore, Max Bupa Health Insurance Company 15.7% to Rs 158 crore and Aditya Birla Health Insurance Company 13.6% to Rs 63 crore, while that of Manipal Cigna Health Insurance Company declined -1.9% to Rs 936 crore and Apollo Munich Health Insurance Company -5.6% to Rs 323 crore in March 2020.

Among the specialized insurers, the premium collection of Agricultural Insurance Company of India gained to Rs 517 crore, while that of Export Credit Guaranteed Corporation of India declined -50.2% to Rs 74 crore in March 2020.

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