Non-life insurance cos post 13% rise in premium collection at Rs 12,948cr in June

Premium income of non-life insurance companies rose by around 13 per cent to Rs 12,947.50 crore in June, according to the data by Insurance Regulatory and Development Authority of India.

These insurance firms had collected premium of Rs 11,495.83 crore in June 2017.

Among the 33 non-life insurance players, 25 general insurance firms reported an increase of 6.4 per cent in their premium at Rs 11,547.71 crore in June against Rs 10,852.92 crore in the same month a year ago.

The six stand-alone health insurance providers collected premium of Rs 710.50 crore during the month, up 36.2 per cent from Rs 521.63 crore a year earlier, Irdai data showed.

There were two specialised PSU insurers-- Agricultural Insurance Company of India Ltd and Export Credit Guaranteed Corporation of India --who collected premium of Rs 689.29 crore in June 2018, a jump of over five fold from Rs 121.28 crore in June 2018.

Cumulatively, all the 33 non-life players witnessed an increase of 12.20 per cent in total premium collection at Rs 37,349.40 crore during April-June period of 2018-19.

In 2017-18, the gross premium in the first three months stood at Rs 33,287.04 crore.