Non-life insurers direct premium rises by 6.7 per cent in January

Image Source : PTI Non-life insurers direct premium rises by 6.7 per cent in January
Non-life insurance coverage firms registered a 6.7 per cent enhance of their gross direct premium assortment in January at Rs 18,488.06 crore, based on the Irdai knowledge. All non-life insurance coverage firms had underwritten direct premium of Rs 17,333.70 crore in the identical month final yr.

Among these, 25 basic insurance coverage firms witnessed 10.8 per cent enhance of their collective premium within the first month of 2021 at Rs 16,247.24 crore as towards Rs 14,663.40 crore in January 2020, based on Insurance Regulatory and Development Authority of India (Irdai) knowledge.

Five pure-play or standalone non-public sector well being insurers, nevertheless, posted a marginal decline of 1.34 per cent of their premium underwriting at Rs 1,510.20 crore in the course of the month as in comparison with Rs 1,530.70 crore a yr in the past.

Notably, there have been seven standalone non-public sector well being insurers, nevertheless, with the takeover of Reliance Health Insurance portfolio by Reliance General Insurance and the merger of HDFC Ergo Health Insurance with HDFC Ergo General Insurance (wef November 2020), the rely decreased to 5.

On a cumulative foundation, gross premium written by all of the non-life insurers throughout April-January interval of FY21 grew by 2.76 per cent to Rs 1,63,670.13 crore as towards Rs 1,59,275.33 crore in year-ago interval.

For basic insurers, the cumulative premium until January 2021 rose by 1.91 per cent to Rs 1,40,999.04 crore; stand-alone well being insurers witnessed 8.04 per cent enhance at Rs 12,108.73 crore. The premium of two specialised PSU insurers grew by 8.77 per cent to Rs 10,562.36 crore in January. 
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