The premium income of general insurance industry, comprising four public sector entities, grew by 27% in May to Rs 4,004 crore.
The total gross premium of 23 players in the non-life insurance market rose by 27%, from Rs 3,151.41 crore in May, 2010, according to data available with the Insurance Regulatory and Development Authority.
The four PSU entities -- National Insurance, New India Assurance, Oriental Insurance and United India Insurance -- saw their gross premium collection rise by 23% YoY to Rs 2,358.60 crore in May. At the end of May, the four entities accounted for about 59% of the total general insurance industry.
Amongst the private sector players, ICICI Lombard saw its premium income rise by 37% to Rs 329.26 crore. The premium income of HDFC Ergo grew by 50% to Rs 113.31 crore and that of Reliance General Insurance by 13.33% to Rs 156.59 crore in April.
Amongst the life insurance companies, LIC's premium income fell by 8.03% to Rs 9,273.08 crore during the first two months of the current fiscal (April-May). In April-May, 2010 the premium income was Rs 10,082.85 crore.
Also, the 22 private life insurance companies saw their premium income decline by 23.26% to Rs 2,980.36 crore. These firms had an income of Rs 3,883.76 crore in April-May, 2010.
