Insurance premium mop-up grows 44%

Insurance premium mop-up grows 44%

The premium collection of the life insurance industry grew by around 44 per cent to Rs 9,044.18 crore in August this year as against Rs 6,273.57 crore in the same period last year, according to Insurance Regulatory & Development Authority  data (IRDA).The private life insurance segment, however, witnessed a negative growth of around 8 per cent, while the Life Insurance Corporation of India (LIC) registered a whopping growth rate of 83 per cent in premium collection in August.

LIC garnered a premium of Rs 6,544.99 crore in August this year as against Rs 3,562.93 crore in the corresponding period of the previous year, stated the data.

Private insurers

Premium collection of private life insurers stood at Rs 2,499.20 crore during the month as compared to Rs 2,710.65 crore in August 2008.

ICICI Prudential Life registered a negative growth rate of 16 per cent with a premium collection of Rs 524.97 crore in August this year as against Rs 627.91 crore in the corresponding period last year.  Bajaj Allianz Life’s premium collection was Rs 289.57 crore during the month under review, down by 25 per cent, as against Rs 389.73 crore in the year-ago period.  Non-life insurance industry grew by 7.6 per cent in terms of new business in the first five months of the current fiscal, with the public general insurers performing better than the private ones.

Overall, non-life insurers mopped up Rs 14,216 crore first year premium during April-August in current fiscal against Rs 13,213 crore collected during first five months of last fiscal. Overall, private general insurers grew by 4.41 per cent in new business. They mopped up Rs 5,801 crore in first five months of current fiscal, against Rs 5,556 crore collected last year.