January 22, 2022

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Non-life insurance companies gross direct premium rises 5.5 per cent to Rs 15,743 crore in November

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The gross direct premium written by non-life insurance companies rose by 5.5 per cent to Rs 15,743.22 crore in November, data from Irdai showed on Wednesday. The 31 non-life insurance companies had written premiums worth Rs 14,919.43 crore in November 2020.

Of these, the 24 general insurance companies witnessed a 4.2 per cent increase in their gross direct premium during the month at Rs 13,566.39 crore, Insurance Regulatory and Development Authority of India (Irdai) said.

For the five standalone private sector health insurance providers, the gross direct premium in November stood at Rs 1,516.77 crore, a jump of nearly 30 per cent from the year-ago period.

However, the two specialized PSU insurers — Agricultural Insurance Company Ltd and ECGC Ltd — reported a decline of about 10 per cent in their combined gross direct premium during the month at Rs 660.06 crore.

On a cumulative basis, the gross direct premium written by all the insurers during April-November period of FY22 increased 11.72 per cent to Rs 1,42,128.88 crore, as per Irdai data.

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