MASTER MIND FINNASSET: Life insurers see marginal rise in new business premium

Tuesday, June 04, 2013

Life insurers see marginal rise in new business premium

Life insurance industry has seen a marginal increase in new premium collection for the month and period ended April 2013. As per the monthly data from Insurance Regulatory and Development Authority ( Irda), life insurers collected total premiums of ₹ 4965.37 crore for April, seeing a 0.57 per cent rise over same period last year. Interestingly, while private insurers saw a 18.5 per cent rise in overall new premium collection, Life Insurance Corporation of India ( LIC) saw a 4.7 per cent fall.

Private life insurance industry collected new premiums of ₹ 1333.67 crore for the period in individual and group segments. LIC on the other hand, collected new premiums of ₹ 3,631.72 crore for April 2013 as compared to ₹ 3,811.72 crore in April 2012. On the general insurance side, non- life insurance companies saw a 22.01 per cent rise in premium collection for April 2013. General insurance companies collected premiums of ₹ 7,890.40 crore for the period, as against ₹ 6,467 crore in April 2012.

Public general insurers contributed ₹ 4245.52 crore to the kitty, seeing a 15.1 per cent rise over same period previous year. Private general insurers contributed ₹ 3644.89 crore and saw a 31.1 per cent rise in premium collection over same period last year.

source: BS

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