News Courtesy: Economic Times, India
KOLKATA: The 24 general insurers have collective clocked a premium income growth of 23.16% during the year ended March 2012. The private companies have managed a 25% growth while the four public sector companies have registered a 22% growth in premium income.
The industry as a whole clocked a total premium income of Rs 58344.16 crore during the period, against Rs 47373 crore in the previous period. The figure for the public sector companies taken together was Rs 34114 crore during FY12 against Rs 27991 crore in FY11.
The private companies collectively clocked a total premium income of Rs 24230 crore during the year ended March 2012 against Rs 19382 crore in the previous financial.
Health insurers – Start Health & Allied Insurance, was the only company that saw a fall in premium income during the period. The company witnessed a near 7% fall in premium income during the period.
The highest growth in premium income was registered by L&T General Insurance. The company saw premium income grow 7 times mainly because it is a relatively new company and its base was small.
Its premium during the previous financial was Rs 17 crore which touched 143 crore during the period under review.
New India insurance remained the largest insurer with a total premium income of Rs 8536 crore during the period. This was a 20% growth over the previous fiscal when the company earned a premium of Rs 7097 crore.
ICICI Lombard remained the largest insurers in the private sector with a 21% growth and a Rs 5150 crore of premium income.