Non-life insurers premium income up 12% in March at Rs 77,541 crore

NEW DELHI: Non-life insurers earned gross premium of Rs 77,541.50 crore in March 2014, up 12.2 per cent from a year ago, as per data available with the Insurance Regulatory and Development Authority (Irda).

The non-life insurers had underwritten gross premium of Rs 69,086.49 crore in March 2013.

Segment-wise, the highest premium was written in motor insurance at Rs 33,887.77 crore in March, up 14.4 per cent from a year ago, while premium earned towards motor OD (own damage) grew by 6.1 per cent to Rs 18,204.92 crore.

Among other categories, health insurance premium witnessed a rise of 13.5 per cent at Rs 17,623.91 crore in March 2014 and premium towards motor TP (third party) increased substantially by 25.7 per cent to Rs 15,682.85 crore.

The premium sold towards fire incidents increased by 11 per cent at Rs 7,379.75 crore during the month under review, while a rise of 4 per cent was registered in cases of marine related incidents at Rs 3,151.28 crore.

Personal accidents premium income in March was valued at Rs 1,811.87 crore, up 12 per cent over the corresponding period in March 2013.

However, premium written under aviation category declined by 7 per cent at Rs 447.76 crore in March 2014.

Of the total non-life insurance premium underwritten during the month, the public sector insurers registered a rise of 9.8 per cent in their policy income at Rs 43,295.49 crore, showed the data.