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ANNUAL REPORT 2007-08

Department

2006-07

2007-08

2006-07

2007-08

Fire

63.84

80.97

223.80

199.54

Marine

29.59

37.40

84.37

118.15

Motor

268.70

235.00

568.22

503.33

Health

104.85

133.79

249.34

359.18

Others

119.01

150.24

364.02

339.33

Total

585.98

637.39

1489.74

1519.54

major expenses for the private insurers were towards legal and professional charges (9.30 per cent), office expenses (7.48 per cent), and advertisement and publicity (3.94 per cent).

Commission as a per cent of expenses of management stood at 53.52 and 29.68 per cent respectively for the public and private sector insurers (56.41 and 53.52 per cent respectively in 2006-07). Commission expenses as per cent of gross premium underwritten stood at 6.39 and 7.59 per cent in the case of public and private sector insurers (7.17 and 11.04 per cent respectively in 2006-07).

TABLE 25 COMMISSION EXPENSES

Private Sector

(Rs. Crore) Public Sector

The gross investment income of the general insurers was Rs.6989.56 crore in 2007-08 as against Rs.6199.27 crore in 2006-07 recording a growth of 12.75 per cent over the previous year. Investment income of the public sector insurers increased to Rs.6247.51 crore from Rs.5784.23 crore in 2006- 07 (an increase of 8.01 per cent over the previous year). Increase in the investment income has been reported by all public sector insurers except Oriental Insurance which reported a marginal decline in investment income of 1.46 per cent. All private insurers have reported increases in the investment income and their total investment income went up to Rs.742.05 crore in 2007-08 from Rs.415.04 crore in 2006-07, an increase of 78.79 per cent (54.02 per cent in 2006-07). (Statement 34 & 35)

Incurred Claims Ratio

The net incurred claims of the non-life insurers were Rs.16370.36 crore in 2007-08 (Rs.13041.64 crore in 2006-07) registering a growth of 25.52 per cent over the previous year. The public insurers have higher net incurred claims of Rs.12124.81 crore compared to Rs.10538.75 crore in 2006- 07 (growth of 15.05 per cent).

TABLE 27 NET INCURRED CLAIMS OF NON-LIFE INSURERS

Investment Income

The Non – life insurers have reported higher investment income during 2007-08 on a growing investment portfolio. The return on investment income was accrued on account of sale of investments, redemption of securities and interest / dividend income of the securities held. Other than Oriental Insurance and HDFC Ergo which reported a negative growth in investments 2007-08, all other insurers have reported a growth in gross investment income.

Insurer

2006-07

2007-08

Public Sector

10538.75(-0.29)

12124.81 (15.05)

Private Sector

2502.89 (61.66)

4245.55 (69.63)

Total

13041.64(7.62)

16370.36 (25.52)

(Rs. Crore)

Note: Figure in brackets indicates the growth rate (In per cent) over the previous year.

Insurer

2006-07

2007-08

Public sector

5784.23( 3.09 )

6247.51( 8.01 )

Private sector

415.04( 54.02 )

742.05( 78.79 )

Total

6199.27

6989.56

Note: Figure in brackets indicate the growth rate (in per cent) of the respective sector.

TABLE 26 INVESTMENT INCOME

(Rs.Crore)

31

31

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