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Monday, August 02, 2010

Gross premium collection rises 28.4% for non-life insurers in June 2010

Non-Life Insurers records 21.8% growth in premium during April-June 2010 

Gross premium underwritten by non-life insurers increased 28.4% to Rs 3353.6 crore in June 2010 compared with Rs 2611.9 crore in June 2009. The four public sector players witnessed 27.0% growth in premium income to Rs 1990.1 crore, while 14 private non-life insurers posted 30.4% increase in premium income to Rs 1363.5 crore in June 2010 over June 2009. The premium collection of non-life insurers has increased 21.8% to Rs 10751.6 crore in April-June 2010. 

Among the public sector non-life insurers, New India and National Insurance have recorded strong growth in premium income at 29.3% to Rs 623.0 crore and 28.3% to Rs 485.9 crore, respectively in June 2010. Meanwhile, United India and Oriental witnessed 24.6% and 25.0% increase in premium underwritten to Rs 461.0 crore and Rs 420.2 crore, respectively, in June 2010. 

Among the major private non-life insurers, the premium income of ICICI Lombard and Bajaj Allianz increased 54.8% to Rs 342.0 crore and 8.3% to Rs 227.6 crore, respectively. The premium collection of IFFCO-Tokio also increased 5.3% to Rs 149.3 crore, but that of Reliance General dipped 11.2% to Rs 152.5 crore, recording fall for second month in June 2010. However, the premium income of Tata AIG and Royal Sundaram increased 43.5% to Rs 78.6 crore and 36.2% to Rs 90.5 crore, respectively in June 2010. 

Cholamandalam MS and Future Generali witnessed 18.4% and 52.5% increase in premium collection to Rs 78.0 crore and Rs 44.3 crore, respectively. The premium income of Shriram General and Bharti Axa Surged 172.1% to Rs 49.8 crore and 183.9% to Rs 37.6 crore. Meanwhile, premium collection of Universal Sompo zoomed 257.2% to Rs 27.8 crore in June 2010. Further, The SBI General and Raheja QBE, newer players, recorded a premium collection of Rs 1.2 crore and Rs 0.4 crore in June 2010. 

The five specialized insurance players in the field of export credit, health and agriculture have recorded 20.0% increase in premium income to Rs 236.6 crore in June 2010 and 27.1% surge to Rs 720.8 crore in April-June 2010. Among the specialized institutions, Star Health & Allied Insurance posted 30.0% increase in premium collection to Rs 97.7 crore, while premium collection for Apollo Munich Health galloped 133.1% to Rs 11.1 crore. Premium income of ECGC increased 9.7% to Rs 74.5 crore, while that of Agriculture Insurance rose 0.6% to Rs 52.0 crore in June 2010. Max Bupa Health, which started operation in March 2010, has earned the premium income of Rs 1.3 crore in June 2010. 

During April-June 2010, the premium collection of ICICI Lombard and Bajaj Allianz has increased 25.7% and 13.1%, respectively, while that of IFFCO-Tokio and Tata-AIG climbed up 13.3% and 23.8%, respectively. The premium collection of HDFC ERGO, Future Generali, Bharti Axa and Shriram zoomed 76.4%, 74.5%, 210.3% and 124%, respectively during 
April-June 2010. The premium collection of four state owned players such as New India, National Insurance, United India and Oriental increased 20.9%, 27.2%, 22.5% and 17.3%, respectively during April-June 2010. However, the premium income of Reliance General declined 23.0% in April-June 2010.
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