Despite over all deceleration in the Indian economy including a visible drop in the auto sales, the domestic general insurance industry with 34 players may end the current fiscal year 2018-19 with a higher premium. .
The industry had logged a gross premium of around Rs1,50,000 crore during 2017-18.
Portfolis like motor, health and agriculture contribute the maximum to the domestic insurance kitty.
The industry has already registered a cumulative premium of Rs1,52,097.04 crore at Feb end , showing a growth of 13.43 percent as against Rs 1,34,084.94 crore in year ago period, according to the IRDAI data.
While large public sector general insurers, including New India Assurance(NIA),have recorded a subdued growth in single digit, the private sector general insurers including Tata AIG General Insurers, ICICI Lombard General Insurance, Bajaj Allianz General Insurance,, HDFC Ergo General insurance Company, Reliance General Insurance, SBI General Insurance Company, have maintained their double digit growth during Apr- Feb period.
Stand-alone private health insurers at Rs 9,633.19. crore have recorded a growth of 40 39.83 per cent in Apr-Feb period.Aditya Birla Health Insurance Company at Rs 420.48 has doubled the premium during the reporting period.
The industry for the month of February has recorded a 23 percent growth in their premium at Rs 12,959.44 crore, data from IRDAI showed on March 18. The gross premium collected by all the 34 insurers in the general sector stood at Rs 10,573.70 crore during the same month a year ago.
In a break-up of premium collected by these firms, the IRDAI showed that 25 of these firms garnered Rs 10,916.33 crore premium during February 2018-19, a 18.1 percent rise over the same period last fiscal.
The two specialised PSU insurers — Agricultural Insurance Company of India and ECGC Limited — had a collective premium of Rs 920.03 crore during the month, registering a growth of nearly 80 percent.