General Insurance Industry growth has registered an increase of 21% in new premium income to Rs.42,568 crore in FY 2010-11. The total premium for the entire private sector life insurance industry is pegged at Rs.17,566 crore in FY 2010-11.
PSU General insurer’s first year premium has grown up by 21.12% during FY 2010-11 over the same period previous year. PSU General insurer’s collected Rs 25,001 crores during April 2010 to March 2011 as compared to Rs 20642 crores collected in FY 2010-11.
ICICI Lombard has outperformed all the private insurers by recording a growth of 29.04% in total premium and collected Rs 4251.87 crores, followed by with Bajaj Allianz with a collection of Rs 2904.74 crores with 15% growth from last year’s premium.
Reliance General Insurance has seen a negative growth of 16.38% with new business premium income of Rs. 1,655 crore during 2010-11. All other private life insurer registered positive growth compared to last year’s premium.