Non-life insurance premium up 32% to Rs 1.27 lkh cr in FY17

Non-life insurance companies' gross premium collection in 2016-17 rose by 32 per cent from a year ago to more than Rs 1.27 lakh crore.
The collection in 2015-16 fiscal was Rs 96,376.40 crore.
In March, the concluding month of 2016-17, the premium was up by 33.4 per cent at Rs 13,269.38 crore as against Rs 9,950.01 crore in the same month of the previous fiscal.
As per data released by insurance regulator Irda, public sector firms showed a rise of 28.9 per cent in gross premium in 2016-17 to Rs 67,689.68 crore as against Rs 52,520.80 crore a year earlier.

For the private sector non-life players, the premium was up by 35.7 per cent at Rs 59,522.75 crore from Rs 43,855.60 crore in 2015-16.
For standalone private sector non-life insurers, premium for 2016-17 rose by 41.12 per cent to Rs 5,859.80 crore against Rs 4,152.31 crore. General insurers in private space saw their premium rising by 35.16 per cent from a year ago to Rs 53,662.95 crore.