General insurance industry logs 19% growth in April-Feb period
New Delhi: The general insurance industry grew by 19.34 percent in the 11 months of 2012-13 fiscal led by SBI General which recorded over three-fold growth in gross premium as compared to last fiscal.
The 27 non-life insurers collected Rs 61,885.11 crore premium in the April-February period of 2012-13.
Of the total premium, the share of 21 private sector players stood at Rs 26,655.35 crore while Rs 31,196.3 crore were contributed by four public sector players --New India Assurance, National Insurance, United India and Oriental Insurance.
In percentage terms, while the public sector companies could grow premium by 16.87 percent, 21 private sector players logged a premium growth of 22.78 percent during the period.
SBI General collected Rs 653.17 crore registering a growth of 209.71 percent, the highest among the private sector players, while Star Health & Allied Insurance witnessed negative growth of 30.26 percent at Rs 740.39 crore.
During the period under review, market leader New India Assurance with 7 percent market share collected premium of Rs 8,956.48 crore, an increase of 17.21 percent. It was closely followed by Chennai-based United India with premium collection of Rs 8,311.44 crore.
In the private sector, ICICI Lombard with the largest market share collected a premium of Rs 5,655.27 crore. The second largest player, Bajaj Alliance collected Rs 3,528.24 crore during the period.
HDFC Ergo General Insurance collected Rs 2,201.77 crore, followed by Tata AIG with Rs 1,903.29 crore. Reliance General collected Rs 1,853.26 crore.