General Insurance Companies register a positive growth in July

Insurance Regulatory and Development Authority (IRDA) has released the business figures of all general or non-life insurance companies in India. For the month July 2011, these companies have collectively recorded an 18.5% growth over their premium collections in July 2010.

New India Assurance, the country’s largest non-life insurer, has collected Rs 707.15 crore for the month of July this year, with a growth of 18.2% over its collections in July last year. The other 3 public sector insurance companies – United India Insurance, National Insurance and Oriental Insurance have also registered a double digit growth.

Among the private insurance companies, ICICI Lombard has collected the highest premia of Rs 398 crore, followed by Bajaj Allianz General Insurance, Iffco Tokio, Tata AIG, HDFC Ergo and others. Star Health Insurance and Universal Sompo are the only two insurance companies to have registered a dip in their collections over that in July 2010. There are 3 standalone health insurance companies in India – Star Health Insurance, Max Bupa Health Insurance and Apollo Munich Health Insurance. Max Bupa, whose premiums are comparatively on the higher side, has collected only Rs 5.34 crore whereas Apollo Munich Health Insurance has collected Rs 30.24 crore.

SBI General Insurance has collected Rs 22.16 crore in July this year, which is a 4-fold jump over its collections of Rs 5.04 crore in July last year.