Non life insurers premium income grows over 25 per cent in December

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Non-life insurance companies posted over 25 per cent increase in their gross premium income (direct premium income underwritten) to Rs 9,760.23 crore in December compared to Rs 7,777.38 crore in the year-ago month.

According to data compiled by the Insurance Regulatory and Development Authority (IRDA), private sector insurers’ gross direct premium income underwritten in December stood at Rs 4,775.35 crore, up by 35 per cent from Rs 3,524.13 crore.

The same for public general insurers in the last month was Rs 4,984.88 crore, registering a 17 per cent growth, from Rs 4,253.25 crore.

Standalone private health insurers’ gross direct premium income underwritten was at Rs 567.65 crore in December from Rs 382.88 crore in the year-ago month.

As many as 29 non-life insurers, in the first nine months (April- December) of the current fiscal, reported nearly 31 per cent increase in their gross direct premium income underwritten to Rs 91,519.50 crore compared with Rs 69,876.01 crore in the corresponding period last year.

Public general insurers have a market share of 47.63 per cent while private players have 41.89 per cent.