Non-life insurers log 17 percent growth in first quarter
Chennai, July 12 : The 24 non-life insurance companies logged 17.96 percent business growth during the first quarter of the current fiscal, said industry sources.
"The industry closed the first quarter with a premium income of around Rs.16,587 crore up from Rs.14,062 crore earned during the corresponding period of the previous year," a senior industry official, preferring anonymity, told IANS, citing business figures compiled by the General Insurance Council of India, the industry lobby.
Barring the city-based pure play health insurer Star Health and Allied Insurance Company that experienced a negative premium growth, all the other 23 companies posted growth during the period under review.
However, among the three pure play health insurers, Star Health continued its leadership position with a premium of Rs.179.83 crore and is followed by Apollo Munich's Rs.101.68 crore and Max Bupa's Rs.36.39 crore.
The five public sector non-life insurers earned a premium of around Rs.9,579 crore, logging a growth of 19.11 percent. The private players earned a premium income of Rs.7,008 crore with a 16.42 percent growth.
While the Mumbai-based New India Assurance continued its industry leadership with a premium of Rs.2,743.51 crore, ICICI Lombard leads the private players club with Rs.1,404.75 crore premium income.