Private and public general insurance companies have submitted their business figures for the month of April 2011 to Insurance Regulatory and Development Authority (IRDA).
The collective business done by private non-life or general insurance companies in the month of April is Rs 2,296 crores. This includes companies like ICICI Lombard, HDFC ERGO, Royal Sundaram, Tata AIG, Reliance General, Bajaj Allianz General, Chola MS, Future Generali.
On the other hand the four public sector general insurers National Insurance, United India Insurance, New India Assurance and Oriental Insurance have together amassed premiums of Rs 2,957 crores. Although their collective business figures are higher than the private insurers, these private insurers have registered a much higher growth rate over their premium collections in April 2010.
Last year, in April, the private general insurance companies collected Rs 1,798 crores in premiums. This year in April, their premium collections have increased by 28%. For the same period, the public sector general insurers registered a growth of only 14% in their premium collections.
Among the private counterparts, ICICI Lombard has done the highest business of Rs 587 crores in April this year. Next in line is Bajaj Allianz with premium collections Rs 281 crores.
New India Assurance has done the highest business of Rs 1,003 crores amongst all the general insurance companies.
