Non-life insurers' premium income grows over 33% in February

Gross premium income stood at Rs 10,288 cr in Feb 2017, up from Rs 7,711 cr a year ago

Non-life insurance companies posted over 33 per cent increase in their gross premium income (direct premium income underwritten) to Rs 10,287.7 crore in February as compared to Rs 7,710.81 crore in the year-ago month.

According to data compiled by the Insurance Regulatory and Development Authority of India (IRDAI), private sector general insurers' gross direct premium income underwritten in February stood at Rs 4,425.51 crore, up by 31 per cent from Rs 3,391.03 crore.

The same for four public general insurers in the last month was at Rs 4,398.87 crore, registering a 25 per cent growth, from Rs 3,523.45 crore.

Standalone private health insurers' gross direct premium income underwritten was at Rs 573.13 crore in February from Rs 398.64 crore in the year-ago month.

As many as 29 non-life insurers, in the first 11 months (April-February) of the current fiscal, reported 31.69 per cent increase in their gross direct premium income underwritten to Rs 1,13, 942.28 crore as compared to Rs 86,526.19 crore in the corresponding period last year.

In fact, public non-life insurers gross premium income during April-February stood at Rs 61,096.32 crore, up by about 30 per cent from Rs 47,124.95 crore in the corresponding period last year.

Similarly, private players' premium income in the period (April-February) was at Rs 52,845.96 crore, registering a 34 per cent growth over Rs 39,401.23 crore in the same period last year.

Public general insurers have the market share of 53.62 per cent while private players have 46.38 percent.