General Insurance And Life Insurance Policy In The Fourth Quarter

Insurance Regulatory and Development Authority (IRDA) shows the fall in the life insurance sector in the forth quarter. The down has been noted in the collection of life insurance premium about 6%.

The major player in the sector Life Insurance Corporation (LIC) whose share was about 60% to 63% has gone about 10% down. According to the officials it is being said that sale of new policies and collection of old policies premium has gone tremendously down this year.

The forth quarter new policy premium collection is Rs 34,814.55 crore against Rs 39,413.16 crore of previous year. With the data it is assumed that for the full fiscal year amount collection for life insurance will be Rs 87,107.62 crore against Rs 92,988.71 crore of previous fiscal years.

In the fiscal year of 2008 Bajaj Allianz has reported that in the General Insurance premium its income is Rs 2,578 crore which is comparatively up by 43% with the previous fiscal year. In the forth quarter of 2008-09 the company has collected gross premium of Rs 733.53 crore against Rs 573.73 crore in the previous year. The growth is about 28%.

This year Insurance Regulatory and Development Authority (IRDA) has shown data that all the private and public insurance companies has earned growth in premium Rs 30,601 crore against Rs 28,052 crore of last year.

ICICI Lombard, Bajaj Alliance, Bharti AXA General and Shriram General which are major player in general insurance sector, have reported growth this year.

In the forth quarter of this year only LIC is in loss in the life insurance sector and Reliance is in the loss in the general insurance sector.

By the data and report we can say now, insurance companies will vary from policy to policy not from sector to sector. Overall in the insurance sector in the time of recession are in the growth. It is basically for Indian insurance sector's companies.