Non-life insurers’ premium income grows 22% in Q1

10 July, Kolkata

Thirty non-life insurers posted a 21.95 per cent increase in their gross premium income to Rs 33,302.89 crore in the first three months of the current fiscal as compared to Rs 27,309.59 crore in the same period last year, Insurance Regulatory Authority of India (IRDAI) data revealed on Monday.

According to the data, the gross direct premium income underwritten in June was at Rs 11,512.40 crore, up by over 35 per cent from Rs 8,521.28 crore in the year-ago month.

The data showed private sector general insurers’ gross premium income stood at Rs 14,986.85 crore in April-June quarter, up by about 28 per cent from Rs 11,738.98 crore in the corresponding period last year.

For June only, their gross premium income was at Rs 5,010 crore, up by 38 per cent from Rs 3,626.55 crore in the same month last year.

The same for public general insurers including specialised PSUA insurers in the June quarter was at Rs 16,864.81 crore, registering a 16 per cent growth, from Rs 14,562.86 crore in the corresponding period last year, the IRDAI report said.

Only in June, gross direct premium income of public insurers stood at Rs 5,980.81 crore, up by 32 per cent from Rs 4,533.33 crore in year-ago month.

Standalone private health insurers’ gross direct premium income underwritten was at Rs 1,451.23 crore in April-June period, which was a growth of 44 per cent from Rs 1,007.75 crore in the year-ago period.

Public general insurers have the market share of 50.64 per cent while private players have 49.36 per cent.

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