IBEF: December 23, 2019
According to the data from Insurance Regulatory and Development Authority (IRDAI), the non-life insurance companies witnessed a rise of 13.1 per cent in their collective premium in November to Rs 14,590.50 crore (US$ 20.09 billion).
Though, the business premium by these 34 non-life insurance firms stood at Rs 12,903.57 crore (US$ 1.85 billion) in the same month of the previous year.
The data showed that out of the total non-life insurers, the 25 general insurers witnessed rise of 11 per cent in their premium income at Rs 12,723.61 crore (US$ 1.82 billion) during the month, as against Rs 11,508.67 crore (US$ 1.65 billion) in the year-ago same period.
Seven standalone private sector health insurance companies registered their premium increasing by 29 per cent to Rs 1,167.66 crore (US$ 167.07 million), from Rs 903.65 crore (US$ 129.30 million) in November 2018.
The data showed that the two specialised state-owned insurers, Agricultural Insurance Company of India Ltd and ECGC Ltd, witnessed an increase of 42 per cent in the premium collection at Rs 699.22 crore (US$ 100 million) from Rs 491.25 crore (US$ 70.29 million) a year ago.
Cumulatively, the premium of all the non-life insurers during April-November were up by 15.57 per cent at Rs 1,26,048.45 crore (US$ 18.04 billion), as against Rs 1,09,068.12 crore (US$ 15.61 billion) a year ago.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.