CHENNAI: Despite demonetisation, the general insurance industry saw 29% growth with premium collection of Rs 9162.81 crore for the month of November. Health was the most robust portfolio, ahead of motor and commercial lines with standalone insurers seeing 40% increase at Rs 401 crore. The general insurance sector, however, did not witness the stellar growth witnessed by life for the month of November. Post-demonetisation with more people wanting to shift to safer havens of investment, life insurers saw a six-fold increase year-over-year in premium collection to Rs 6,700 crore in November 2016-17. While general insurance saw brisk sales in health and motor, the notes ban seems to have left a dent in insuring crops and export products. Indian exports fell for 18 straight months till May 2016. However, between September and November there has been a slight growth. Exports in November grew 2.29% to $20 billion, but this did not reflect in higher sales for the Export Credit Guarantee Corporation of India (ECGC). Premiums fell 5% to Rs 103.24 crore on November 2016-17 from Rs 98.02 last fiscal. Sale of crop insurance also fell, with Agriculture Insurance Company of India Limited (AIC) seeing a 16% dip in premiums to Rs 193.55 crore from Rs 230.75 crore in the month of November. On the back of increased business in motor and health, public-sector insurers saw premiums go up 19% to Rs 4,192.92 crore, while private insurers saw 45% year-over-year growth to Rs 4,277.26 crore last month. When it came to marketshare, November saw public-sector companies improve their overall marketshare to 47.63% from 46.56% the previous month. New India Assurance and United India Insurance in particular were aggressive and improved both their market share and premium collections. All the PSUs -- New India (14.90% from 14.68%), National Insurance (11.16% from 10.53%), United India (13% from 12.69%) increased their share -- except for Oriental Insurance, which saw its chunk of the pie go down to 8.57% from 8.67%. This November, premium growth improved at New India by 15% to Rs 1,234.02 crore, United India 41% to 1,217.91 crore and Oriental by 17% to Rs 683.42 crore. Only National Insurance reported nearly flat premium growth of Rs 1,057.57 crore this November, compared to Rs 1,002.34 crore last November. Leading private insurer ICICI Lombard saw its share in the pie go down to 8.88% in November from 9.23% in September. Bajaj Allianz also saw its share go down to 5.71% from 6.10%.
