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Non-life insurance premium collection rises 11.5% in December 2019

Capital Market 

Non-life insurers posts 15.4% increase in premium collection in April-December 2019-20

The gross premium underwritten by non-life insurers (including specialized PSU insurers), increased 11.5% to Rs 15981 crore in December 2019 against December 2018. General Insurers reported rise of 4.0% in premium collection to Rs 14038 crore in December 2019, while premium collection of Stand-alone Private Health Insurers increased by 16.3% to Rs 1258 crore in December 2019. Specialised PSU insurers have recorded premium collection to Rs 685 crore in December 2019.

The non-life insurance sector reported 15.4% increase in the premium collection to Rs 142024 crore in April-December 2019-20.

Among the general insurers, the public sector general insurers have posted 11.2% growth in the gross premium underwritten to Rs 6342 crore, while that of private sector general insurers declined 1.3% to Rs 7696 crore in December 2019.

Among, public sector insurers, New India Assurance Company posted 13.3% growth in premium collection to Rs 2740 crore, followed by United India Insurance Company at 23.2% to Rs 1590 crore, National Insurance Company 1.4% to Rs 952 crore and Oriental Insurance Company 0.2% to Rs 1060 crore in December 2019.

Among, private sector general insurers, Bajaj Allianz General Insurance Company posted 25.7% growth in premium collection to Rs 1255 crore, followed by Go Digit General Insurance at 144.9% to Rs 229 crore, Royal Sundaram General Insurance Company 36.9% to Rs 356 crore and Bharti AXA General Insurance Company 52.4% to Rs 246 crore in December 2019.

The premium collection of Reliance General Insurance Company also moved up 19.8% to Rs 506 crore, Future Generali India Insurance Company 34.1% to Rs 272 crore, Liberty General Insurance 41.5% to Rs 114 crore, Shriram General Insurance Company 4.2% to Rs 198 crore and IFFCO Tokio General Insurance Company 0.4% to Rs 622 crore in December 2019.

However, the premium collection of Tata AIG General Insurance Company declined 49.0% to Rs 551 crore, Universal Sompo General Insurance Company 19.7% to Rs 629 crore and SBI General Insurance Company 20.5% to Rs 400 crore, while that of HDFC Ergo General insurance Company declined 8.2% to Rs 674 crore, Cholamandalam MS General Insurance Company 10.1% to Rs 332 crore and ICICI Lombard General Insurance Company 2.9% to Rs 1104 crore in December 2019.

Among the health insurers, the premium collection of Star Health & Allied Insurance Company gained 10.5% to Rs 580 crore, Apollo Munich Health Insurance Company 16.2% to Rs 224 crore and Aditya Birla Health Insurance Company 48.2% to Rs 90 crore, while that of Max Bupa Health Insurance Company also moved up 32.2% to Rs 114 crore and Religare Health Insurance Company 11.8% to Rs 204 crore in December 2019.

Among the specialised insurers, the premium collection of Agricultural Insurance Company of India gained to Rs 587 crore, while that of Export Credit Guaranteed Corporation of India declined 10.0% to Rs 98 crore in December 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 13 2020. 12:14 IST