Non-life insurers' premium income up 7% YoY to Rs 14,809 cr in June

Non-life insurers’ premium income jumped 7 per cent year-on-year (YoY) in June to Rs 14,809.27 crore, from Rs 13,842.27 crore in the same period last year.

Sequentially, the premium income of non-life insurers was up 20 per cent, after a slump of 28 per cent in May, when insurers earned premium income of Rs 12,316.5 crore. In April the premium income was Rs 17,309.54 crore.

The non-life insurance industry is comprised of general insurers, standalone health insurers, and specialised PSU insurers.

The general insurers, 25 in total, saw their premium income go up by 5 per cent in June to Rs 13,041.51 over the same period last financial year. And, the standalone health insurers, on the other hand, saw their premium income rise by 46.61 per cent YoY in June to Rs 1,556.89 crore, riding on the demand for health products post the pandemic.

In Q1FY22, the industry’s premium income increased by 14 per cent to Rs 44,434.96 crore compared to Rs 39,054.82 crore, with the general insurers seeing a 11 per cent YoY increase in premiums to Rs 39,810.39 crore, and standalone health insurers witnessing a staggering 55.5 per cent increase in premiums to Rs 4,222.75 crore.