Non-life insurance companies reported a 18 per cent growth in premium collections in the April-August period, reflecting an upturn in business environment.
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The premium income of the general insurance industry, comprising 21 private and four public sector insurers, stood at Rs 27,942 crore in the first five months of the current fiscal, 18 per cent higher than Rs 23,748 crore in the corresponding period last year.
The four public sector players, which dominate about 60 per cent of the total industry, saw their premium income rising by 17 per cent Rs 16,272 crore, as per the data available with the Insurance Regulatory and Development Authority (IRDA).
Of the private sector players, HDFC Ergo registered a premium growth of 26 per cent at Rs 972.52 crore. Besides, premium income of ICICI-Lombard grew by 10.56 per cent to Rs 2,350 crore in the first five months of the current fiscal.
The premium income of Reliance General Insurance rose by 12.8 per cent to Rs 882.64 crore, while that of Tata AIG rose 26 per cent to Rs 920.43 crore in the April-August period.
Earlier this month, IRDA came out with an exposure draft for non-life insurance companies planning to come out with initial public offering (IPO) in which it had mandated insurers to have a 10 year track record for hitting the capital market.
The draft norms — IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2012 — states that the regulator would take into account the insurer’s financial position, its capital structure and regulatory record before permitting them to come out with the share sale.
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