Insurance Post

India-based GI insurers see rise in premiums

Indian currency

General insurance companies in India have seen an 18.6% rise in premiums in the current financial year.

India's Financial Chronicle said that the 23 general insurers offering non-life insurance products collected Rs 31,643 crore from April to September 2012, compared with RS 26,692 crore during the same period the year before.

New India Assurance, a public sector insurer, saw growth of 16.9% and collected the highest premium during the April to September period, Rs 5,100 crore compared with Rs 4,362 crore in the corresponding period last year.

United India Insurance collected premium of Rs 4,762 crore during April to September, up 22% on the same period the year before which was Rs 3,900 crore.

The country's four public sector insurers collected Rs 17,518 crore between April and September, compared with RS 15,001 crore in the same period a year ago, an increase of 16.77%.

The results did not make good reading for everyone. The four standalone health insurers, selling only health, personal accident and travel insurance policies, saw a 16% decrease to Rs 677 crore during the period compared with Rs 807 crore the year before.

However, this was attributed to Star Health and Allied Insurance recently losing a government-sponsored health insurance scheme.

Of the private general insurers, IVIL Lombard General Insurance came out on top with total collection of Rs 2,860 crore in the present financial year.

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