India's general insurers clocked over 32 per cent jump in premium collection at Rs 11,931.01 crore in August this fiscal, Irdai data showed. The non-life insurers of the country had underwritten a gross premium of Rs 9,013.43 crore in August 2016-17. In a break-up of the data, regulator Irdai said there was a rise of 40 per cent in public general insurers' premium at Rs 6,279.31 crore in August, from Rs 4,489.63 crore in the same month a year ago.
There are only four public sector general insurers in the country - New India Assurance Co, National Insurance Company, United India Insurance and Oriental Insurance -- which collectively own the majority of the market share. Specialised public sector insurers ECGC and AIC -- reported a more than two-fold jump in their gross direct premium at Rs 1,776.83 crore against Rs 664.46 crore in August 2016, showed the Insurance Regulatory and Development Authority of India (Irdai).
Agriculture Insurance Company of India ltd (AIC) takes care of farm-related insurance needs while Export Credit Guarantee Corporation of India (ECGC) is meant for export credit insurance support for Indian exporters. For private general insurers, gross premium grew 25 per cent to Rs 5,651.70 crore in August, from Rs 4,523.8 crore in the same month a year earlier.