Non-life insurers clock 10% growth in premium at Rs 10,516 cr in May

The gross premium of non-life insurers increased by 9.6 per cent to Rs 10,515.91 crore in May from the same month a year ago, according to the Irdai data.

The non-life insurance firms had recorded gross written premium of Rs 9,597.84 crore in May 2017.

Of the 33 firms, 25 are general insurers, six are standalone private players and two are specialised public sector undertaking insurers.

The 25 general insurers wrote a collective premium of Rs 9,744.85 crore in May this year, up by 8 per cent from Rs 9,022.46 crore a year ago same month.

For the six standalone private sector health insurance providers, their gross premium during the month rose by 43.8 per cent to Rs 654.36 crore against Rs 455.15 crore a year earlier, according to Insurance Regulatory and Development Authority of India (Irdai) data.

The two specialised PSU insurers -- Agricultural Insurance Co of India and Export Credit Guaranteed Corporation of India -- had a collective premium of Rs 116.70 crore during the month, down by 3 per cent from Rs 120.23 crore.

On a cumulative basis during the first two months of this fiscal, the total premium of all the non-life insurers grew by 11.96 per cent to Rs 24,397.09 crore from Rs 21,791.08 crore in April-May 2017-18.

For general insurance companies, premium for the first two months was up by 11.07 per cent to Rs 22,938.71 crore as against Rs 20,653.19 crore in the corresponding two months of 2017-18.

Standalone private health insurers registered a growth of 36.34 per cent in their premium during April-May at Rs 1,267.18 crore from Rs 929.40 crore.