Friday, November 24, 2017

Premiums of India’s non-life insurers up 9%

Premiums collected by India’s non-life insurance firms surged 9% year-on-year to Rs97.91 billion (US$1.52 billion) in July, according to data from the insurance regulator released recently.

During the month, total premiums underwritten by general insurers in the public sector reached Rs42.13 billion, down from Rs45.02 billion in the same month last year.

Players in the private sector, meanwhile, raked in Rs51.40 billion this year.

The Insurance Regulatory and Development Authority of India (irdai) reported that only the National Insurance Company was able to register positive growth during the month with a total premium take of Rs11.23 billion against Rs10.67 billion last year.

New India Assurance logged the biggest premium amount among public sector players at Rs13.15 billion.

United India Insurance achieved Rs10.96 billion in premium while Oriental Insurance generated Rs6.79 billion.

Insurers in the public sector had a total market share of 48% while private sector-non-life firms’ market share stood at 45%.

 

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