General insurers premium collection jumps 23% in July 2019

General insurance premium collection rises 13.0% in April-July 2019-20

The Gross premium underwritten by non-life insurers (including specialized PSU insurers), increased 22.7% to Rs 14378 crore in July 2019 against July 2018. General Insurers reported rise of 13.9% in premium collection to Rs 12276 crore in July 2019, while stand-alone private health insurers posted 43.7% surge in premium collection to Rs 1117 crore in July 2019. Specialized PSU insurers have recorded 533.1% jump in premium collection to Rs 986 crore in July 2019.

The non-life insurance sector reported 13.0% increase in the premium collection to Rs 55450 crore in April-July 2019-20.

 

Among the general insurers, the public sector general insurers have posted 10.0% growth in the gross premium underwritten to Rs 5479 crore, while that of private sector general insurers moved up 17.2% to Rs 6797 crore in July 2019.

Among, public sector insurers, New India Assurance Company posted 14.2% growth in premium collection to Rs 1740 crore, followed by United India Insurance Company at 12.6% to Rs 1358 crore, National Insurance Company 6.7% to Rs 1515 crore and Oriental Insurance Company 4.2% to Rs 865 crore in July 2019.

Among, private sector general insurers, Bajaj Allianz General Insurance Company posted 27.1% growth in premium collection to Rs 939 crore, followed by Tata AIG General Insurance Company at 23.5% to Rs 661 crore, Reliance General Insurance Company 24.6% to Rs 609 crore and IFFCO Tokio General Insurance Company 47.4% to Rs 640 crore in July 2019.

The premium collection of HDFC Ergo General insurance Company also moved up 5.5% to Rs 578 crore, SBI General Insurance Company 28.5% to Rs 396 crore, Royal Sundaram General Insurance Company 9.6% to Rs 245 crore and Bharti AXA General Insurance Company 31.4% to Rs 276 crore in July 2019.

Further, the premium collection of Future Generali India Insurance Company gained 23.6% to Rs 239 crore, Shriram General Insurance Company 9.9% to Rs 203 crore and Go Digit General Insurance 208.2% to Rs 155 crore, but that of ICICI Lombard General Insurance Company declined 9.4% to Rs 1034 crore and Cholamandalam MS General Insurance Company 5.9% to Rs 368 crore in July 2019.

Among the health insurers, the premium collection of Star Health & Allied Insurance Company gained 39.2% to Rs 515 crore, Religare Health Insurance Company 61.0% to Rs 211 crore and Apollo Munich Health Insurance Company 47.0% to Rs 202 crore, while that of Max Bupa Health Insurance Company also moved up 32.6% to Rs 93 crore and Aditya Birla Health Insurance Company 81.7% to Rs 53 crore in July 2019.

Among the specialized insurers, the premium collection of Agricultural Insurance Company of India gained 1428.0% to Rs 898 crore, while that of Export Credit Guaranteed Corporation of India declined 10.0% to Rs 87 crore in July 2019.

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