Non-Life premium collections up 24.7% in September

According to data released by the Insurance Regulatory and Development Authority (IRDA), the premium collection of general insurance companies rose 24.70%  in September 2012 compared to September 2011.

The monthly business figures for September 2012 stood at Rs 6059.02 crore.

For the April to September period, the total premium stood at Rs 34,001.09 crore, up by 18.85% compared to the same period in the previous year. Among the private general insurers, SBI General insurance saw a whopping 215% growth over the same period last year.

Similarly, general insurers like Max Bupa Health Insurance, Bharti AXA general insurance and HDFC ERGO also witnessed a healthy growth of 65, 48 and 40% respectively during the same period.

Star Health and Allied Insurance was the only private general insurance firm to report a decline in premium for the period. It showed a 38% decline for April to September period this year, compared to the same period last year.

The private non-life insurers have performed better than the state owned general insurers. While the private non-life insurers registered a 20.82% growth in April-September period of 2012 compared to the same period previous year, the four state-owned general insurance companies' posted a 17.5% growth for the same period.

Among the public general insurance firms, Agriculture Insurance Company of India and United India saw a 24.46 and 22.10% jump in its premium collection during the same period.