[Non-life insurance companies account for the largest share of the motor insurance business]
By Non-life insurance companies seem to be focusing on motor insurance at this time as it is mandatory to insure vehicles.
Currently non-life insurance companies are selling fire, motor, marine, aviation, agriculture and crop, engineering, corona and other miscellaneous insurance articles.
As many as 20 non-life insurance companies had collected Rs 25.82 billion more in the last fiscal year. Of which, 36.97 percent or Rs 9.53 billion has been collected for motor insurance. The companies have paid Rs 5.32 billion more in motor insurance claims during the period.
During the review period, the companies collected only 4.67 percent of the lowest total premium, or Rs 1.20 billion, for agriculture and child insurance. During the same period, the companies have paid insurance claims of Rs. 734 million.
According to the data provided by the Insurance Committee, non-life insurance companies have collected 20.63 percent of the total premium collection or Rs 5.32 billion more as of mid-July of the last fiscal year. The companies have paid Rs 2.14 billion more in fire insurance claims during the period.
Similarly, the companies have collected 10.50 percent of the total premium or Rs 2.71 billion more engineering premium during the review period. Companies have paid more than Rs 1.39 billion in engineering insurance claims during the period.
Non-life insurance companies have collected 8.95 percent or Rs 2.31 billion more of the total premiums during the review period. The companies have paid air insurance claims of Rs 956.9 million during the period.
According to the data provided by the committee, the companies have earned more than Rs 1.49 billion in marine insurance premiums and paid Rs 811 million more in the same period.
In the same period, the companies have collected 12.50 percent of the total insurance premium or Rs 3.22 billion more for various insurance articles. The companies have paid Rs 1.44 billion more during the review period due to the claims made in the insurance article.