General insurance industry logs 14% growth in April

The general insurance industry grew by 14 per cent in April led by strong growth in premiums collected by private sector insurers, including Bajaj Allianz and Reliance General.
The 17 non-life insurers collected a total of Rs 3,593 crore premium in April this year, against Rs 3,141 crore during the same period in the previous year, according to the industry data. During the period, the four public sector non-life insurance companies collected Rs 2,015 crore in the reviewed month, against Rs 1,864 crore in the year-ago period. Private players increased their business from Rs 1,278 crore to Rs 1,578 crore during the period, a significant growth of 23 per cent in the month. While growth of public sector firms dropped to 8 per cent in the period. State-run New India Insurance maintains its position at the top with the highest premium collection of Rs 694 crore in April, while ICICI Lombard is at the second slot with premium of Rs 543 crore in the month. Private insurers like Reliance General Insurance and Bajaj Allianz are contesting strongly to grab the second position in the insurance industry. Bajaj Allianz witnessed a growth of 28 per cent in the month with its premium growing to Rs 276 crore from Rs 215 crore in April last year. While Reliance General Insurance, which has been among the fastest growing firms, witnessed an increase of 24 per cent in its premium of Rs 274 crore in the month.
ET