Claims have also not risen sharply both in motor and health, giving some respite to insurance companies
The motor and health segments led the decline in premiums for the industry as the month saw premium fall by 9 per cent.
Private sector non-life insurance providers collected a total premium of Rs 97,072 .18 crore
Non-life insurance companies will face a stiff competition from life insurers
All the 34 non-life insurers had collected business premium of Rs 19,141.65 crore in the same month a year ago
The 34 non-life insurance firms had collected a premium income of Rs 11,715.05 crore in the corresponding month a year ago
The non-life insurance firms had underwritten premium of Rs 15,428.17 crore in September 2016
In 2017, premium collected on account of crop insurance scheme is likely to significantly add to investable pool of non-life insurers