The gross premium income of the general insurance industry grew by 22.66% in February compared to the year before.
According to data collated by insurers, the industry collected Rs 3,403.95 crore by writing new policies in February, as against Rs 2,775.86 crore in the same period last year. However, compared to January, the gross premium income dipped by 7.8%, when the industry collected Rs 3,692.30 crore.
The private players outshone their public sector peers, registering a growth of 26.33% at Rs 1,463.25 crore, whereas the public sector companies collected a premium of Rs 1,940.70 crore, up by 22.66%.
During the period of April-February of the FY11, the industry recorded a growth of 22.5% in gross premium income at Rs 37,909 crore compared to Rs 30,942 crore year on year.
"Compared to life insurance industry, where the growth in new premium income is coming down post September, the growth for the general insurance sector over the last six months has been steady, with the industry recording an average growth of 22-23% every month,” said an official at a state-owned general insurance company.
