IBEF: February 18, 2020
According to the Insurance Regulatory and Development Authority of India (IRDAI) data, India's non-life insurance companies witnessed a 7.2 per cent growth in their combined new premium collection at Rs 17,225.75 crore (US$ 2.46 billion) in January this fiscal.
There are 35 insurance companies whose gross premium collection stood at Rs 16,076.28 crore (US$ 2.30 billion) in the same month a year ago.
As per the IRDAI’s data, out of the total, the 25 general insurance providers had a collective premium of Rs 14,643.26 crore (US$ 2.10 billion) during the month, an increase by 2.2 per cent from the same period of 2019. The seven stand-alone private sector non-life insurers witnessed a 28 per cent increase in their collective premium income at Rs 1,530.75 crore (US$ 219.02 million) in January.
The rest of the specialised PSU insurers -- Agricultural Insurance Company of India and ECGC Ltd -- reported 92 per cent spurt in total premium at Rs 1,051.73 crore (US$ 150.48 million) during the month.
Thus, the total premium during April-January of this fiscal for non-life insurance companies witnessed a jump of 14.52 per cent to Rs 1.59 lakh crore (US$ 22.75 billion).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.