The premium income of general insurance industry, comprising four public sector entities, grew by 27 per cent in May to Rs 4,004 crore.
The total gross premium of 23 players in the non-life insurance market rose by 27 per cent, from Rs 3,151.41 crore in May, 2010, according to data available with the Insurance Regulatory and Development Authority (IRDA).
The four PSU entities - National Insurance, New India Assurance, Oriental Insurance and United India Insurance - saw their gross premium collection rise by 23 per cent YoY to Rs 2,358.60 crore in May. At the end of May, the four entities accounted for about 59 per cent of the total general insurance industry.
Amongst the private sector players, ICICI Lombard saw its premium income rise by 37 per cent to Rs 329.26 crore. The premium income of HDFC Ergo grew by 50 per cent to Rs 113.31 crore and that of Reliance General Insurance by 13.33 per cent to Rs 156.59 crore in April.
Amongst the life insurance companies, LIC’s premium income fell by 8.03 per cent to Rs 9,273.08 crore during the first two months of the current fiscal (April-May). In April-May, 2010 the premium income was Rs 10,082.85 crore.
Also, the 22 private life insurance companies saw their premium income decline by 23.26 per cent to Rs 2,980.36 crore. These firms had an income of Rs 3,883.76 crore in April-May, 2010.