News and Updatesnon-life growth rate

Premium data for non life insurers has been released by IRDA & Public sector insurers are at the top of the table.New India Assurance co. ltd is way head of others with premium income of Rs. 26699 Cr for the year 2019-20. growth wise also New India has industry matching figures of 11.67 %.

Premium & market share figures of Non-life insurers in India

Insurer                   March-20           March-19       Mkt share %

The New India Assurance Company Limited  26,699.37   23,910.16  14.11
United India Insurance Company Limited  17,503.78   16,420.47    9.25
National Insurance Company Limited  15,178.95   15,128.90    8.02
The Oriental Insurance Company Limited  13,663.14   13,199.33    7.22
ICICI Lombard General Insurance Company Limited  13,312.87   14,488.23    7.04
Bajaj Allianz General Insurance Company Limited  12,779.77   11,059.41    6.75
HDFC Ergo General insurance Company Limited    9,308.40     8,612.85    4.92
IFFCO Tokio General Insurance Company Limited    7,961.04     7,001.84    4.21
Reliance General Insurance Company Limited    7,465.04     6,191.03    3.95
Tata AIG General Insurance Company Limited    7,387.00     7,742.60    3.90
SBI General Insurance Company Limited    6,789.67     4,706.55    3.59
Cholamandalam MS General Insurance Company Limited    4,397.80     4,428.14    2.32
Royal Sundaram General Insurance Company Limited    3,667.10     3,172.57    1.94
Future Generali India Insurance Company Limited    3,417.07     2,553.94    1.81
Bharti AXA General Insurance Company Limited    3,133.83     2,258.05    1.66
Universal Sompo General Insurance Company Limited    2,837.79     2,830.92    1.50
Shriram General Insurance Company Limited    2,466.20     2,356.34    1.30
Go Digit General Insurance Limited    2,198.52        894.81    1.16
Liberty General Insurance  Limited    1,531.36     1,125.16    0.81
Magma HDI General Insurance Company Limited    1,224.77        970.11    0.65
Kotak Mahindra General Insurance Company Limited       433.39        301.11    0.23
Acko General Insurance Limited       373.42        141.89    0.20
Raheja QBE General Insurance Company Limited       158.12        115.98    0.08
NAVI General Insurance Limited       157.99        243.06    0.08
Edelweiss General Insurance Company Limited       146.39          92.55    0.08

 

Non-life insurance industry has grown at the rate of 11.67 for the year which is quite OK in the slowing economy. Leaving aside the specialized insurers, the public sector insurers have collected the premium amount of rs. 73074 Cr against the the premium of Rs.105527 Cr collected by the private insurers.The share of pvt players have increased to about 58% of the total premium.

Premium & growth rate wise figures of non life insurers

Insurer                31 March-20     31 March-19   Yearly growth %

Go Digit General Insurance Limited       2,198.52        894.81        145.70
Edelweiss General Insurance Company Limited          146.39          92.55          58.17
SBI General Insurance Company Limited       6,789.67     4,706.55          44.26
Kotak Mahindra General Insurance Company Limited          433.39        301.11          43.93
Bharti AXA General Insurance Company Limited       3,133.83     2,258.05          38.78
Raheja QBE General Insurance Company Limited          158.12        115.98          36.34
Liberty General Insurance  Limited       1,531.36     1,125.16          36.10
Future Generali India Insurance Company Limited       3,417.07     2,553.94          33.80
Magma HDI General Insurance Company Limited       1,224.77        970.11          26.25
Reliance General Insurance Company Limited       7,465.04     6,191.03          20.58
Royal Sundaram General Insurance Company Limited       3,667.10     3,172.57          15.59
Bajaj Allianz General Insurance Company Limited     12,779.77   11,059.41          15.56
IFFCO Tokio General Insurance Company Limited       7,961.04     7,001.84          13.70
The New India Assurance Company Limited     26,699.37   23,910.16          11.67
HDFC Ergo General insurance Company Limited       9,308.40     8,612.85            8.08
United India Insurance Company Limited     17,503.78   16,420.47            6.60
Shriram General Insurance Company Limited       2,466.20     2,356.34            4.66
The Oriental Insurance Company Limited     13,663.14   13,199.33            3.51
National Insurance Company Limited     15,178.95   15,128.90            0.33
Universal Sompo General Insurance Company Limited       2,837.79     2,830.92            0.24
Cholamandalam MS General Insurance Company Limited       4,397.80     4,428.14          (0.69)
Tata AIG General Insurance Company Limited       7,387.00     7,742.60          (4.59)
ICICI Lombard General Insurance Company Limited     13,312.87   14,488.23          (8.11)
NAVI General Insurance Limited          157.99        243.06        (35.00)

 

In addition the specialized insurers have also clocked the premium figures of Rs. 10612 Cr. So the total premium figures of the industry stands at Rs. 189215 Cr for the year against the previous year amount of Rs.169448 cr.

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