The general insurance industry posted a 22 per cent growth in February on the back of robust growth in the motor and health segments. While the public sector companies grew 19 per cent, the private sector players' premium collections increased by 25 per cent.
“Motor and health are two segments where growth has picked up. With car sales zooming, the industry has seen good growth in the motor insurance portfolio,” said an Oriental Insurance Company officer.
According to data released by the Insurance Regulatory and Development Authority in the month of February, all the four public sector companies grew by double digits. Excepting Reliance General Insurance that posted a negative growth of 2 per cent, all the private insurance companies registered a positive growth in gross written premium (GWP).
During the 11-month period ending February 2010, general insurers collected GWP to the tune of Rs 30,936.53 crore, a growth of 11.53 per cent over (Rs 27,739.06 crore) the corresponding period last year.
Both the standalone health insurance companies, Star Health and Allied Insurance and Apollo DKV Insurance, registered good growth in February.
Star Health's GWP grew to 134.34 crore in February, from Rs 10.11 crore recorded in the same period a year ago. Export Credit Guarantee Corporation's of India's premium income grew by 7 per cent in February while Agricultural Insurance Company almost doubled its GWP, to Rs 162.46
“Motor and health are two segments where growth has picked up. With car sales zooming, the industry has seen good growth in the motor insurance portfolio,” said an Oriental Insurance Company officer.
According to data released by the Insurance Regulatory and Development Authority in the month of February, all the four public sector companies grew by double digits. Excepting Reliance General Insurance that posted a negative growth of 2 per cent, all the private insurance companies registered a positive growth in gross written premium (GWP).
During the 11-month period ending February 2010, general insurers collected GWP to the tune of Rs 30,936.53 crore, a growth of 11.53 per cent over (Rs 27,739.06 crore) the corresponding period last year.
Both the standalone health insurance companies, Star Health and Allied Insurance and Apollo DKV Insurance, registered good growth in February.
Star Health's GWP grew to 134.34 crore in February, from Rs 10.11 crore recorded in the same period a year ago. Export Credit Guarantee Corporation's of India's premium income grew by 7 per cent in February while Agricultural Insurance Company almost doubled its GWP, to Rs 162.46
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