The Insurance Regulatory and Development Authority of India (IRDAI) has released data of insurance premium for the financial year 2019.
The life insurer’s premium income grew 11 per cent in FY19 over the previous year, non-life insurers registered a growth of 13 per cent. However, private players fared better than state-run players in both life and non-life sectors. For instance, while in life insurance, LIC’s annual growth slowed down to 6 per cent in FY19 as against 8 per cent in FY18, in non-life, state-run players’ premium income grew at only 5 per cent against the growth of 6 per cent recorded in FY18.
LIC’s share in life insurance sector was down from 69.4 per cent in FY18 to 66.24 per cent in FY19; within non-life, public sector players’ share fell from 6 to 5 per cent.
Premium wise non-life insurers’ premium income stood at Rs 1.70 lakh crore in FY19, against Rs 1.51 lakh crore a year ago.
whereas for life insurance, total premium income grew to Rs 2 lakh crore from Rs 1.9 lakh crore. Out of this, private players’ income premia stood at Rs 72,481 crore, while LIC accounted for the rest at Rs 1.4 lakh crore.
Companey wise nonlife insurance premium for year 2019
| INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA | |||||
| FLASH FIGURES — NON LIFE INSURERS (Provisional & Unaudited) | |||||
| ‘GROSS DIRECT PREMIUM UNDERWRITTEN FOR AND UPTO THE MONTH OF MARCH, 2019 | |||||
| (Rs. in crores) | |||||
| S.No. | INSURER | For The Month of MARCH | Upto MARCH 2019 | ||
| 2018-19 | 2017-18 | 2018-19 | 2017-18 | ||
| 1 | Acko General Insurance Limited | 22.60 | 0.69 | 141.15 | 0.92 |
| 2 | Bajaj Allianz General Insurance Company Limited | 1,021.17 | 846.30 | 11,058.96 | 9,445.22 |
| 3 | Bharti AXA General Insurance Company Limited | 230.42 | 188.49 | 2,258.87 | 1,753.58 |
| 4 | Cholamandalam MS General Insurance Company Limited | 470.16 | 343.91 | 4,428.14 | 4,102.48 |
| 5 | DHFL General Insurance Limited | 12.94 | 35.50 | 243.06 | 141.08 |
| 6 | Edelweiss General Insurance Company Limited | 8.26 | 1.17 | 92.55 | 1.30 |
| 7 | Future Generali India Insurance Company Limited | 334.88 | 172.13 | 2,554.01 | 1,906.38 |
| 8 | Go Digit General Insurance Limited | 480.67 | 48.22 | 1,204.98 | 93.74 |
| 9 | HDFC Ergo General insurance Company Limited | 728.36 | 652.22 | 8,612.85 | 7,289.97 |
| 10 | ICICI Lombard General Insurance Company Limited | 899.44 | 855.62 | 14,488.23 | 12,356.85 |
| 11 | IFFCO Tokio General Insurance Company Limited | 906.33 | 1,004.76 | 7,002.00 | 5,631.89 |
| 12 | Kotak Mahindra General Insurance Company Limited | 36.29 | 22.68 | 301.11 | 185.39 |
| 13 | Liberty General Insurance Limited | 101.00 | 83.53 | 1,125.00 | 816.53 |
| 14 | Magma HDI General Insurance Company Limited | 125.26 | 66.34 | 970.11 | 526.69 |
| 15 | National Insurance Company Limited | 2,146.76 | 1,588.53 | 15,178.23 | 16,193.55 |
| 16 | Raheja QBE General Insurance Company Limited | 19.13 | 14.56 | 115.96 | 83.45 |
| 17 | Reliance General Insurance Company Limited | 511.79 | 423.70 | 6,191.03 | 5,069.08 |
| 18 | Royal Sundaram General Insurance Company Limited | 283.03 | 255.99 | 3,172.63 | 2,623.44 |
| 19 | SBI General Insurance Company Limited | 735.80 | 485.78 | 4,706.55 | 3,544.20 |
| 20 | Shriram General Insurance Company Limited | 284.76 | 245.12 | 2,356.35 | 2,100.76 |
| 21 | Tata AIG General Insurance Company Limited | 663.92 | 563.63 | 7,742.66 | 5,435.92 |
| 22 | The New India Assurance Company Limited | 2,550.64 | 2,533.69 | 23,910.77 | 22,718.76 |
| 23 | The Oriental Insurance Company Limited | 1,566.82 | 1,238.68 | 13,246.31 | 11,452.05 |
| 24 | United India Insurance Company Limited | 1,587.88 | 2,091.61 | 16,384.60 | 17,429.95 |
| 25 | Universal Sompo General Insurance Company Limited | 129.61 | 509.12 | 2,830.92 | 2,310.86 |
| General Insurers Total | 15,857.92 | 14,271.97 | 150,317.03 | 133,214.04 | |
| 26 | Aditya Birla Health Insurance Company Limited | 76.32 | 34.90 | 496.80 | 243.17 |
| 27 | Apollo Munich Health Insurance Company Limited | 345.17 | 271.42 | 2,196.92 | 1,717.51 |
| 28 | Cigna TTK Health Insurance Company Limited | 55.06 | 50.63 | 484.82 | 346.40 |
| 29 | Max Bupa Health Insurance Company Limited | 136.95 | 110.13 | 947.14 | 754.47 |
| 30 | Religare Health Insurance Company Limited | 165.40 | 143.18 | 1,825.57 | 1,091.61 |
| 31 | Star Health & Allied Insurance Company Limited | 954.84 | 814.85 | 5,413.48 | 4,161.11 |
| 32 | Reliance Health Insurance Limited | 1.88 | NA | 4.09 | NA |
| Stand-alone Pvt Health Insurers | 1,735.62 | 1,425.11 | 11,368.82 | 8,314.27 | |
| 33 | Agricultural Insurance Company of India Limited | 272.72 | 655.63 | 7,178.21 | 7,893.39 |
| 34 | ECGC Limited | 148.27 | 155.79 | 1,247.54 | 1,240.39 |
| Specialized PSU Insurers | 420.99 | 811.42 | 8,425.75 | 9,133.78 | |
| GRAND TOTAL | 18,014.53 | 16,508.50 | 170,111.60 | 150,662.09 | |
| Note: Compiled on the basis of data submitted by the Insurance companies | |||||
| NA: Not Applicable | |||||
Companey wise life insurance premium for year 2019