Non-life direct premium crosses Rs 1.5 lakh crore in FY 18

Gross direct premium of non-life insurers crossed Rs 1.5 lakh crore during the last financial year registering a growth of over 17 per cent when compared to 2016-17, according to the statistics released by IRDAI.

During 2016-17, the gross direct premium of Non-life was Rs 1.28 lakh crore.

Standalone private health insurers' premium collection grew by 41.61 per cent to Rs 8,296.43 crore in the last fiscal as against Rs 5,858.77 crore during 2016-17, Insurance Regulatory and Development Authority of India (IRDAI) figures said.

The gross premium of general insurers grew by nearly 17 per cent to over 1.33 lakh crore. It was 1.14 lakh crore during 2016-17.

According to the data, New India Assurance enjoys over 15 per cent market share with Rs 22,695 crore premium collection followed by United India Insurance with Rs 17,300.37 crore (market share 11. 48 per cent).

Non-life insurance sector in India is likely to maintain its double digit growth over the next three to four years, aided by a higher economic expansion and increased household spending, a report by international rating and research agency Moody's had earlier said.