Non-life insurance premium rises 10% in March

Total premium income of non-life insurance companies, including four PSU insurers, increased by 10.6% to Rs 7,904.83 crore in March this year.

The gross premium collection of four PSU insurers -- National Insurance, New India Assurance, Oriental Insurance and United India Insurance - rose by 7.3% year-on-year to Rs 4,422.32 crore in March.

The four PSUs accounted for about 56% of the total premium collected by 28 general insurance companies in March.

Total premium collected by 24 private players was up by 15.1% at Rs 3,482.50 crore in March 2014.

Private player IFFCO-Tokia registered 40.9% rise in premium collection at Rs 339.11 crore and HDFC Ergo General witnessed a rise of 33.7% in its premium income at Rs 336.10 crore in the month.

For the year ended March 2014, gross premium collected by all general insurers rose by 12.23% to Rs 77,538.25 crore, according to the sector regulator IRDA.

The four state-run insurance companies collected a gross premium of Rs 43,292.24 crore in FY14, up by 9.86% from a year earlier.

Private players cumulative premium income during 2013-14 increased by 15.37% at Rs 34,246.01 crore.