The gross premium income of the general insurance industry grew 22.6 per cent in February, as compared to the year-ago period.
According to the data collated by insurers, the industry collected Rs 3,403.9 crore by writing new policies, as against Rs 2,775.8 crore last year. However, compared to January, when the industry collected Rs 3,692.3 crore, the gross premium income dipped 7.8 per cent.
While, at Rs 1,463.2 crore, private players outshone their public sector peers, registering growth of 26.3 per cent, the latter collected a premium of Rs 1,940.7 crore — up 22.6 per cent.
During April-February, at Rs 37,909 crore, the industry recorded growth of 22.5 per cent in the gross premium income, as against Rs 30,942 crore reported in the same period a year ago.
The four public sector players collected premiums worth Rs 22,051 crore — up 20.97 per cent. The private players grew 24.73 per cent to Rs 15,857.9 crore.
“Compared to the life insurance industry, where the growth in new premium income has been slowing post-September, growth for the general insurance sector over the last six months has been steady, with the industry recording an average growth of 22-23 per cent every month,” said an official at a state-owned general insurance company.
The government-owned New India Assurance India, the largest general insurer in the country, collected Rs 6,367.3 crore by writing new policies during April-February, up 17.2 per cent from Rs 5,431.97 crore collected in the year-ago period. In the same period, ICICI Lombard, the largest private player, grew 29.16 per cent to Rs 3,878.3 crore, as against Rs 3,002.7 crore in the year-ago period.
