Non-life insurance premium up 8 pc in May at Rs 6,118 crore

Non-life insurance premium increased 8.1 per cent year-on-year to Rs 6,118.11 crore in May 2014, data from Insurance Regulatory and Development Authority shows.
Of the total premium collected by non-life insurers during May, 55.3 per cent was contributed by public sector entities at Rs 3,381.86 crore, while rest 44.7 per cent came from private sector companies (Rs 2,736.25 crore).
Among the six public sector non-life insurance companies, New India Life Insurance collected premium of Rs 886.06 crore (up 13.8 per cent year on year) in May; National Insurance Company Rs 867.79 crore (up 15.1 per cent); United India Rs 870.50 crore (up 3.6 per cent); Oriental Insurance Rs 615.52 crore (up 1.2 per cent).

Export Credit Guarantee Corporation Rs 102.41 crore (down 1.3 per cent) and AIC collected Rs 39.58 crore premium (down 19.9 per cent).
Among the private players, non-life insurance premium mopped up by Reliance General increased by 10.9 per cent from a year ago to Rs 220.37 crore; IFFCO-Tokio Rs 234.78 crore (up 5.7 per cent); ICICI-Lombard Rs 516.46 crore (up 12.3 per cent) and Bajaj Allianz Rs 356.97 crore (up 1.6 per cent).
HDFC ERGO General's premium income stood at Rs 201.65 crore during the month (up 12 per cent); Bharti AXA General Rs 121.85 crore (up 14.7 per cent) and SBI General Rs 102.21 crore (up 20.3 per cent).

During the first two months of 2014-15, the total premium collected by non-life insurance firms rose by 7.28 per cent to Rs 14,539.55 crore.
Premium collected by public sector insurers during April-May rose by 8.2 per cent to Rs 7,984.37 crore and that of private companies by 6.19 per cent to Rs 6,555.17 crore.