annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
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ANNUAL REPORT <strong>2008</strong>-<strong>09</strong><br />
Rs.9028.68 crore and the private insurers accounted<br />
for Rs.5427.66 crore. While the premium underwritten<br />
by LIC increased by 19.99 per cent, premium of the<br />
private insurers declined by 20.13 per cent over the<br />
corresponding period of the previous year. The<br />
number of policies written by life insurers grew by<br />
12.06 per cent. While the number of policies written<br />
by LIC increased by 22.59 per cent, there has been a<br />
decline of 6.57 per cent in the case of private insurers.<br />
Of the total premium underwritten, individual premium<br />
accounted for Rs.10308.40 crore and the remaining<br />
Rs.4147.93 crore came from the group business. In<br />
respect of LIC, individual business was Rs.5963.64<br />
crore and group business was Rs.3065.04 crore. The<br />
corresponding figures for private insurers were<br />
Rs.4344.75 crore and Rs.1082.90 crore respectively.<br />
Life Policies Issued<br />
Insurer Apr-Jun <strong>2008</strong> Apr-Jun 20<strong>09</strong><br />
Public 4819546 5908412<br />
(-23.36) (22.59)<br />
Private 2725468 2546339<br />
(43.99) (-6.57)<br />
Total 7545014 8454751<br />
(-7.78) (12.05)<br />
Note: Figure in brackets indicates the growth (in per cent) over<br />
previous year.<br />
The number of lives covered by life insurers under<br />
the group scheme were 89.90 lakh recording a growth<br />
of 60.16 per cent over the previous period. Of the total<br />
lives covered under the group scheme, LIC accounted<br />
for 33.18 lakh and private insurers 56.72 lakh. The<br />
life insurers covered 37.86 lakh lives in the social<br />
sector with a premium of Rs.34.13 crore. In the rural<br />
sector, the insurers underwrote 21.89 lakh policies<br />
with a premium of Rs.1455.71 crore.<br />
(ii) Non-Life Insurance<br />
Non-life insurers underwrote a premium of Rs.8819.68<br />
crore during the first quarter of the current financial<br />
year recording an increase of 4.57 per cent over<br />
Rs.8434.00 crore underwritten in the same period of<br />
the last year. The private non-life insurers underwrote<br />
a premium Rs.3584.64 crore as against Rs.3541.78<br />
crore in the corresponding period of the previous year<br />
(a growth of 1.21 per cent). Public sector non-life<br />
insurers underwrote a premium of Rs.5235.04 crore<br />
higher by 7.01 per cent over Rs.4892.22 crore in the<br />
first quarter of <strong>2008</strong>-<strong>09</strong>. ECGC underwrote credit<br />
insurance of Rs.189.71 crore as against Rs.164.70<br />
3<br />
crore in the previous year. AIC underwrote agriculture<br />
insurance of Rs.131.70 crore as against Rs.53.70<br />
crore in the previous year stand alone. Health Insurers<br />
(Star Health and Apollo DKV) underwrote premium of<br />
Rs.245.75 crore as against Rs.131.70 crore in the<br />
previous year. Premium underwritten in the Fire,<br />
Marine, Motor, Health and Miscellaneous segments<br />
were Rs.1305.72 crore, Rs.579.91 crore, Rs.3460.16<br />
crore, Rs.1826.74 crore and Rs.1653.62 crore<br />
recording a growth of 7.66 per cent, 1.58 per cent,<br />
5.47 per cent, 2.66 per cent and 3.90 per cent,<br />
respectively over the corresponding period of the<br />
previous year.<br />
Non-Life Policies Issued<br />
Insurer Apr-Jun <strong>2008</strong> Apr-Jun 20<strong>09</strong><br />
Public 9600458 8887123<br />
(8.52) (-7.43)<br />
Private 4971011 5318470<br />
(27.93) (6.99)<br />
Total 14571469 14205593<br />
(14.44) (-2.51)<br />
Note: Figure in brackets indicates the growth (in per cent) over<br />
previous year.<br />
The total number of policies issued by the non-life<br />
insurers for the first quarter of 20<strong>09</strong>-10 was 142.06<br />
lakh as against 145.71 lakh in <strong>2008</strong>-<strong>09</strong> recording a<br />
decline of 2.51 per cent in 20<strong>09</strong>-10. Of this, the public<br />
insurers issued 88.87 lakhs policies and private<br />
insurers 53.18 lakh policies, compared to 96.0 lakh<br />
and 49.71 lakh respectively in the previous year. The<br />
private insurers registered a growth of 6.99 per cent<br />
while public insurers witnessed a negative growth of<br />
7.43 per cent.<br />
Performance in the first half of 20<strong>09</strong>-10<br />
The insurance industry has registered a growth of<br />
11.35 per cent in premium collections in the first six<br />
months of this financial year at Rs.55866.54 crore as<br />
compared to Rs.50171.<strong>09</strong> crore during the<br />
corresponding period of last year. The life insurance<br />
sector has grown by around 13 per cent while the nonlife<br />
segment witnessed a growth of around 8 per cent<br />
in the first-half of 20<strong>09</strong>-10. First year premium income<br />
of life insurance players stood at Rs.39046.59 crore<br />
in the April-September period as against Rs.34599.37<br />
crore in the corresponding period of last year. The<br />
total premium underwritten by the general insurance<br />
companies in the same period was Rs.16819.95 crore<br />
as compared to Rs.15571.72 crore in the year-ago<br />
period.
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