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Life insurance industry has seen a marginal increase in new premium collection for the month and period ended April 2013. As per the monthly data from Insurance Regulatory and Development Authority (Irda), life insurers collected total premiums of Rs 4965.37 crore for April, seeing a 0.57 per cent rise over same period last year. Interestingly, while private insurers saw a 18.5 per cent rise in overall new premium collection, Life Insurance Corporation of India (LIC) saw a 4.7 per cent fall.
Private life insurance industry collected new premiums of Rs 1333.67 crore for the period in individual and group segments. LIC on the other hand, collected new premiums of Rs 3,631.72 crore for April 2013 as compared to Rs 3,811.72 crore in April 2012.
On the general insurance side, non-life insurance companies saw a 22.01 per cent rise in premium collection for April 2013. General insurance companies collected premiums of Rs 7,890.40 crore for the period, as against Rs 6,467 crore in April 2012.
Public general insurers contributed Rs 4245.52 crore to the kitty, seeing a 15.1 per cent rise over same period previous year. Private general insurers contributed Rs 3644.89 crore and saw a 31.1 per cent rise in premium collection over same period last year.
