Despite receiving claims of more than Rs 6,000 crore form floods in Tamil Nadu last year, insurance companies reported mixed results in the previous financial year.
While HDFC ERGO General Insurance Company saw its profit after tax (PAT) growing by around 45% at Rs 151 crore, ICICI Lombard General Insurance Company reported around 5% decline in PAT to Rs 507 crore in 2015-16.
ICICI Lombard General Insurance Company saw its profit before tax at Rs 708 crore for FY16 against R691 crore in the previous year. Its grosswritten premium went up to R8,307 crore from R6,914 crore in FY15.
Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, said, “Profit before tax (PBT) increased to R708 crore despite being impacted by chennai floods and crop insurance losses. Fiscal 2016 was a positive year for ICICI Lombard, as we grew by 20.2 %, outpacing the industry growth of 13.8%, thereby strengthening our market share to 8.4% compared to 7.9% in the previous financial year. This growth was registered across segments.”’
Of the total claims received by insurance industry post Chennai floods, approximately Rs3,000 crore was seen by four public sector insurance companies.
Senior players in the insurance industry say claims arising out of Tamil Nadu floods have surpassed the number during Mumbai floods.
In Mumbai floods during 2005, the insurance industry had received claims of over R4,000-R5,000 crore.
HDFC ERGO’s gross direct premium (excluding declined risk pool) stood at R3,380 in FY16 crore against R3,182 crore in previous year
Source: The Financial Express