IRDAI Reports a 6 Percent Decline In the Premium Collection of Non-Life Insurers

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As per the Insurance Regulatory and Development Authority of India’s (IRDAI) data, non-life insurance companies have recorded a decline of 5.55 percent in Gross Premium Income at ₹ 22,774 crores. This was seen during September for the current fiscal year.

The 34 non-life insurance companies had garnered a premium income of ₹ 24,111.78 crores in the same month of the previous fiscal year 2019-20.

IRDAI reports a 5.04 percent in private-sector non-life insurers premiums

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In August, non-life insurers saw a 17 percent rise in their cumulative premium collection. All the 34 non-life insurance companies saw a 14 percent rise in the cumulative gross premium at ₹ 71,415.09 crores during the April-August period.

As per the IRDAI data, public sector insurers have seen a fall of 6.08 percent in Gross Premium collection at ₹ 10,959.88 crores in September FY21 as against ₹ 11,669.43 crores in the same month a year ago.

The private sector non-life insurance players have reported a fall of 5.04 percent in premium at 11,814 crores in September 2020 and against ₹ 12,442.35 crores a year ago.
Although the seven independent health insurers among the non-life insurance companies saw a 38.04 percent jump in premium income at ₹ 1,543.62 crores during the month from ₹ 1,118.24 crores a year ago.

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The 34 non-life insurance companies saw an increase of 1.37 percent in the total premium collected during the April-September period to ₹ 96,831.55 crores. Their Gross Premium racked at ₹ 95,526.89 crores in the same 2019-20 period.

As per IRDAI’s data, the public sector insurers saw a 0.86 percent increase in the cumulative period at ₹ 43,347.49 crores during the April-September period. The private sector insurers saw a rise of 1.78 percent in their cumulative period collection at ₹ 53,484.06 crores during the April-September period.

The independent health insurers saw a growth of 28.10 percent in the cumulative premium at ₹ 7,812.39 crores during the same period.

Source: Mint

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Arindom
A 90's kid with a huge love for films, pop culture and everything related to them. I am also a cliché engineer turned writer and a filmmaking aspirant. I love writing and reading stories, watching and discovering films from all around the world. Basically, always in the search for stories.

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