India’s largest private non-life insurance company ICICI Lombard’s premium collections declined by around 17 per cent in April-August this year even as the industry grew by 7.6 per cent during the five-month period.
ICICI Lombard’s premium collections declined to Rs 1,375 crore during April-August from Rs. 1,653 crore during the same period last year, according to the data released by the Insurance Regulatory and Development Authority (IRDA).
The second largest private non-life company, Bajaj Allianz , saw its premium dipping by 13.6 per cent Rs. 1,039 crore during the period.
The total premium collections of the industry, including private and state-run players, grew by 7.6 per cent to Rs. 14,226 crore during the five-month period.
The public non-life insurers performed better than their private counterparts during the period. The four public general insurers grew by 10 per cent to Rs 8,415 crore during April-August.
The total premium collections of private non-life insurers grew by 4.4 per cent to Rs. 5,801 crore during the first five months of the current fiscal.
The largest public sector non-life insurer New India’s premium grew by 8.4 per cent. United India registered a growth of 16.36 per cent, Oriental Insurance by 14 per cent and National Insurance by 1.6 per cent.
Among private non-life insurers, Reliance General grew by 4.36 per cent, IFFCO Tokio by 4.2 per cent in the first five months of the current fiscal.
