General insurance industry grows by 15 % to Rs 1,42 trn in Apr-Dec period

Except ICICI Lombard General Insurance and DHFL General Insurance who have de-grown their premium by eight per cent and 37 per cent respectively,rest of the players have expanded their premium income in Apr- Dec period of the fiscal.

 Mumbai:

Bulking the slow down trend in the economy, led by the New India Assurance, 34 general insurers, at Rs 1,42,023.78 crore, have recorded a growth of 15.41 per cent in the premium  during the first nine months  of FY 2019-20.


Seven stand alone insurers at Rs 9.585 crore have grown by 41 per cent during the reporting prriod.With a growth of 30 per cent, Star Health & Allied Insurance Company at Rs 4,412.00 crore has collected the largest premium among the health insurer.
 

Except ICICI Lombard General Insurance and DHFL General Insurance who have de-grown their premium by eight per cent and 37 per cent respectively,rest of the players have expanded their premium income in Apr- Dec period of the fiscal.
 

However with Rs10,132 crore crore of premium, ICICI Lomard General Insurer has maintained its fourth position in the industry. For various reasons, the insurers have stoppe or drastically cut down writing crop insurance business, Till Nov 2019, the general insurer had gathered a premium of Rs 68 crore against Rs 2100 crore booked in Apr- Nov period of FY 2018-19.  
 

New India Assurance, the largest general insurance company has grown its premium by14,37 per cent to Rs 20,704 crore during Apr-Dev period of the current fiscal.SBI General Insurance Company has seen its premium income growing by 45 per cent to Rs 4,850 crore during the first nine months of the fiscal. The general insurer at Rs 1800 crore, till Nov 2019, has almost doubled its premium income from crop insurance business.Bajaj Allianz General Insurance Company at Rs 10,133.73 crore has posted a growth of 32 per cent at the end third quarter ending in Dec 31. 

 

HDFC Ergo General insurance Company at  Rs 6,944.73 has slowed down in mobilsing its premium income with just a five per cent growth during the period.


 


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