General insurers premium income rises 23% to Rs 14, 378 cr in July: Irdai

Non-life insurance companies earned a premium income of Rs 14,378.45 crore in July this year, up nearly 23 per cent from a year ago, data from the Insurance Regulatory and Development Authority of India (Irdai) showed.

The 34 non-life insurance firms had collected a premium income of Rs 11,715.05 crore in the corresponding month a year ago.

Of these, 25 general insurers recorded a rise of 14 per cent in their collective premium in July at Rs 12,275.93 crore as against Rs 10,782.34 crore in the same month of 2018, as per Irdai data.

The seven standalone private sector health insurers witnessed a 44 per cent jump at Rs 1,116.85 crore from Rs 777.01 crore premium collected a year before.

The remaining two specialised PSU insurers -- Agricultural Insurance Company of India and ECGC Ltd -- saw their combined premium income soar more than six-times to Rs 985.66 crore.

On a cumulative basis, the total premium during April-July period of 2019-20 increased 12 per cent to Rs 55,450.42 crore, Irdai data showed.