Non-life insurers grow 23% in first half

Riding on robust auto sales and retail health insurance, non-life insurance companies have witnessed 22.93 per cent growth in gross premium income during the first half of the financial year.

According to Insurance Regulatory and Development Authority (Irda) data, insurers collected Rs 20,679 crore during April-September as against Rs 16,822 crore in the corresponding period last year.

Private players have outperformed state-owned insurers.

While the four public sector players — New India Assurance, United India, National India and Oriental Insurance posted 21.53 per cent, private sector reported a growth of 25 per cent.

Insurance company executives said the recovery in auto sales and retail health segment has driven the growth. During the first half, health has grown 40 per cent, motor by 25 per cent, fire by 19 per cent and marine 25-30 per cent.