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Non-life insurers' gross premiums underwritten grow 12.65% in Apr-Jan FY19

Subrata Panda / Mumbai 20 Feb 19 | 10:59 PM

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Non-life insurers, which include private and state-owned general insurers, standalone health insurers, and specialised PSU insurers, have registered a 12.65 per cent growth in gross premiums underwritten by them in April-January FY 19 over the same period in FY 18.

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According to figures released by the insurance regulator, Irdai, gross direct premiums underwritten by the non-life insurers in April – January period of FY 19 was to the tune of Rs 1.39 trillion as opposed to Rs 1.23 trillion over the same period in FY 18.

While the private general insurers have earned premiums to the tune of Rs 67, 570.14 crore in April-January FY 19, thereby clocking a growth of 25.75 per cent over the same period in FY 18, the state-owned general insurers saw a marginal decline in the premiums collected by them to Rs 55, 974.63 crore in April –January FY 19 from Rs 55, 978.59 crore in the same period of FY 18.

Out of the four state-owned general insurers, National Insurance Company and United India Insurance Company saw a decline in their premium growth. National Insurance contracted 12.96 per cent and United India Insurance declined 3.83 per cent.

The other two state-owned general insurers – New India Assurance and Oriental Insurance – grew 5.41 per cent and 13.39 per cent respectively.

The standalone health insurers, seven in total, have underwritten premiums to the tune of Rs 8,510.15 crore in April-January of FY19, up 40.08 per cent from Rs 6,075.39 crore in April-January FY 18.

The specialized PSU insurers (Agriculture Insurance Company and ECGC) saw their premium growth contract by 8.47 per cent to Rs 7,084.73 crore in April – January FY 19 from Rs 7,740.10 crore in the same period in FY 18.

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