Premium collections by public sector-owned insurers increased 12 percent marginally outperforming private players, said reports.
The growth was led by New India Assurance which along with United Insurance, Oriental Insurance and National Insurance collected Rs 35000 in premiums in March - December '15 period as compared to Rs 31,300 crore in the same period in previous fiscal. Premium collections by private general insurance players grew 11.70 percent at Rs 28,65o in the period against Rs 25,631 crore in the previous fiscal. The growth was recorded in various segments such as motor, health and others, too.
Among states, Maharashtra has emerged a winner second year in a row for non-life or general insurance public and private insurance players in India. The state followed by Tamil Nadu has outperformed all other states in terms of general premium collections for 2013-14 and 2014-15, according to data released General Insurance Council of India.
Maharashtra’ s total premium collection or Gross Domestic Premium Income (GDPI) for the year 2014-15 stood at Rs 19,336 crore in the non-life segment was followed by collections in Tamil Nadu at Rs 8,238 crore.
With a premium collection of Rs. 6,847 in 2014-15, Karnataka toppled Gujarat from the number three position while Gujarat which moved to number 4 in 2014-15 from last year collected Rs 6,306 as general insurance premium.
Delhi followed Gujarat in GDPI-wise ranking but however remained a clear winner in terms of insurance density (per capita insurance or premium per person) at Rs 3460 and insurance penetration – the ratio of premium underwritten in a year to the GDP- at 1.28 percent as compared to Maharashtra’ s Rs 1,721 and 1.15 percent respectively.
Insurance density on macro-level has increased three-fold from Rs. 235 to Rs. 686 during the period 2006-07 to 2014-15.
Both public and private non-life insurers in India have seen significant growth since 2006-07. Insurance penetration (in non-life segment) on pan-India scale, has improved marginally from 0.6 in 2006-07 to 0.7 percent in 2014-15. The overall insurance penetration (general and life) in the country stands at 3.9 percent significantly lower than the world average of over 6 percent