Non-life insurance premiums rise 9% to Rs10,012 cr in November

Gross premium collected by all non-life insurance companies increased by 9 per cent to Rs10,012.41 crore in November, according to Irdai data.

They had collected gross premium of Rs9,179.84 crore during the same month of 2016-17.

There are a total of 30 non-life insurance companies in the country, of which six are standalone health insurers, two are specialised and the rest general insurance firms.

The 22 general insurance companies collected total premium of Rs9,188.58 crore in November, up 8.5 per cent from a year ago.

The gross premium of standalone health insurance companies jumped nearly 46 per cent from a year ago to Rs610.34 crore in November 2017-18.

However, premium of the specialised insurers - AIC and ECGC - fell 27 per cent to Rs213.49 crore, Irdai data showed.

Cumulatively, the gross premium of all the non-life insurers during April-November period of this fiscal rose 17.6 per cent to Rs 96,106.55 crore.

For general insurers, premium collection in the first eight months of the fiscal increased by 16.4 per cent to Rs 85,024.85 crore; standalone health insurers' premium was up 43.3 per cent to Rs 4,369.71 crore, while for the specialised insurers the premium growth was up 18.9 per cent to Rs 6,711.99 crore.

As of November 30, 2017, the New India Assurance Co Ltd has the highest market share in the non-life insurance market at 15.6 per cent, followed by National Insurance Company (11.17 per cent), United India Insurance (10.82 per cent), ICICI Lombard (8.81 per cent), Bajaj Allianz (6.22 per cent) and AIC (6.18 per cent).

Overall, the 22 general insurance companies have a total market share of 88.47 per cent; 4.55 per cent is held by six standalone health insurance firms and the two specialised insurers have a combined market share of 6.98 per cent.