General insurance industry grew 8 per cent in first half

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New Delhi: Non-life insurers have collected Rs 16,819 crore premium in the first six months of the current fiscal, up by eight per cent over what was mopped up in the same period last year.

According to figures released by Insurance Regulatory and Development Authority (IRDA), four public non-life or general insurers grew by 10.29 per cent during April-September period and have performed better than the private players.

Largest private non-life insurer ICICI Lombard registered a degrowth of 16.28 per cent with total premium collection at Rs 1,611 crore in the first six months of the current fiscal, compared to Rs 1,925 crore in the same period last year, the insurance regulator said.

Public insurers have raised Rs 9,991 crore premium in the first half of this fiscal, against Rs 9,059 crore during the corresponding period last year.

Among them, New India insurance has collected the maximum premium. The insurer mopped up Rs 3,027 crore during April-September, against Rs 2,790 crore during the same period last year, growing by 8.51 per cent.

Among other larger players, Bajaj Allianz premium declined by 14.01 per cent. It collected Rs 1,217 crore during April-September this year as against Rs 1,416 crore during the same period last fiscal.

Reliance General grew by six per cent by collecting premium worth Rs 1,045 crore in the first six months.