Non-life insurers' Apr-Dec premium up 15 pc to Rs 1.42 lakh crore

Non-life insurance companies reported a 15 per cent rise in their combined premium collection during April-December period of the current fiscal at Rs 1,42,119.65 crore, data from Irdai showed.

The 34 non-life insurance companies had collected premium of Rs 1,23,061.14 crore during the same period of 2018-19 fiscal.

Public sector insurers registered a 12 per cent growth in premium income at Rs 62,954.22 crore during nine months ended December as against Rs 56,233.98 crore in the corresponding period a year ago, as per the Insurance Regulatory and Development Authority of India (Irdai) data.

For 21 insurers in the private sector, the collective premium income during April-December rose 18 per cent to Rs 79,165.43 crore from Rs 66,827.16 crore in the year-ago period.

The seven standalone health sector players saw 32 per cent increase in premium to Rs 9,677.02 crore as against Rs 7,314.41 crore in the year-ago period.

Two specialised non-life companies -- Agricultural Insurance Company of India Limited and ECGC -- witnessed a 31 per cent rise in their premium income at Rs 8,571.10 crore during the nine months to December as compared with Rs 6,535.51 crore in the year-ago period.