General insurers’ premiums rise 14%

The monthly premiums of non-life insurance companies increased by 13.65% in October of this year to Rs 23,814.64 crore, up from Rs 20,954.89 crore in the same time last year, helped by robust growth across sectors. 

Nonetheless, based on data released by the General Insurance Council, public sector general insurance businesses recorded a 3.62% de-growth over the same period. New India Assurance Company, National Insurance Company, The Oriental Insurance Company, and United India Insurance Company saw a decrease in their combined premium to Rs 6,971.94 crore from Rs 7,234.07 crore in the previous year. 

The entire premium of public sector units was negatively impacted by the National Insurance Company's approximately 50% premium decline. Leader in the insurance sector New India Assurance had a premium growth of 14.55 percent to Rs 3,188.72 crore.