Non-life insurers' premium revenue in September up 28% YoY to Rs 24,563 cr

Non-life insurance companies witnessed 28.3 per cent rise in their collective new premium at Rs 24,563.24 crore in September, according to Irdai data.

All the 34 non-life insurers had collected business premium of Rs 19,141.65 crore in the same month a year ago.

Among these, 25 general insurers reported a rise of 39.3 per cent in their combined premium during the month at Rs 20,145.46 crore as against Rs 14,463.60 crore in September 2018, as per the Insurance Regulatory and Development Authority of India (Irdai) data.

The seven stand-alone private sector health insurance companies clocked Rs 1,115.75 crore premium in September this year, up 21.6 per cent from Rs 917.38 crore in the year-ago period.

The rest two specialised PSU insurers — Agricultural Insurance Company of India and ECGC — saw a decline of 12.2 per cent in their premium income at Rs 3,302.02 crore compared to Rs 3,760.67 crore.

On a cumulative basis, premium collection of all non-life insurers during April-September this fiscal rose by 17.23 per cent to Rs 95,978.99 crore.

The 25 general insurers witnessed 16.84 per cent increase in their combined premium income at Rs 82,802.51 crore, and the seven stand-alone private sector health insurers registered rise of 6.35 per cent to Rs 6,096.98 crore.

The two specialised PSU insurers recorded 8.5 per cent increase in premium at Rs 7,079.50 crore in April-September this fiscal.