look news india
New Delhi: In the month of September, the premium of non-life insurance companies has decreased by 6.53 percent as compared to the same period last year. This is due to weak performance of government general insurance companies, decline in motor insurance sector due to low sales of vehicles and weak performance of crop insurance segment.
According to the data released by the General Insurance Council, the premium for non-life insurance has decreased to Rs 500 in the month of September. 27,551 crore, which is 6.53 percent less year-on-year. These include general insurance companies, stand-alone health insurance companies, specialized PSU insurance companies.
Moreover, the data shows that general insurance companies paid Rs. Premium collected stood at Rs 22,985.40 crore, down 3 per cent year-on-year. New India Assurance's premiums have increased by 9 per cent year-on-year, while state-owned United India Insurance's premiums have declined by 18 per cent year-on-year.
There has been a 32 percent reduction in the premium of National Insurance and there has been no change in the premium of Oriental Insurance. Among leading private life insurance companies, ICICI Lombard recorded a 3.6 per cent year-on-year growth, while Bajaj Allianz General Insurance's premiums declined by nearly 8 per cent year-on-year. HDFC Agro's premium has declined by 5.41 percent year-on-year. Unlike general insurance, single health insurance premiums have seen a sharp rise of 26 per cent in September.