Non-life insurance premium soars 86% in Sept to Rs 14,950 crore

New Delhi: Non-life insurance companies registered a growth of 86.2 per cent in gross premium for September this fiscal at Rs 14,950 crore, showed official data. They had collected Rs 8,029.62 crore in the same month of 2015-16.

Of the total premium underwritten by non-life insurance companies during the month, public insurers garnered Rs 9,164.10 crore while private players took a combined Rs 5,785.90 crore, according to Insurance Regulatory and Development Authority of India (Irdai) data.

Among the four public non-life insurance firms, United India Insurance's premium rose to Rs 1,796.72 crore (up 105.3 per cent), Oriental Insurance Rs 1,331.77 crore (78.5 per cent), National Insurance Company Rs 944.51 crore (8.4 per cent) and New India Insurance Rs 1,553.70 crore (27.6 per cent).

Among the 23 private firms, HDFC ERGO General's underwritten premium in September jumped by over three times to Rs 976.37 crore, ICICI-Lombard Rs 997.81 crore (up 58.3 per cent) and Bajaj Allianz Rs 910.49 crore (62.2 per cent). That of Tata-AIG increased by over two times to Rs 494.19 crore.

The two specialised PSU non-life insurers -- ECGC and AIC -- collected Rs 3,537.40 crore as premium during the month. For April-September, the total non-life insurance premium collected by private and public insurers went up 28.33 per cent to Rs 60,270.98 crore.

Public insurance premium rose by 25.77 per cent at Rs 32,869.33 crore during April-September while the private sector companies collected Rs 27,401.65 crore (up 31.54 crore). For the two specialised PSU insurers, the April-September premium increased by 89.13 per cent at Rs 4,804.37 crore.