Premium income of non-life insurers falls marginally to Rs 12,937 cr in June

The gross premium earned by non-life insurance companies fell marginally to Rs 12,936.97 crore in June, according to data from Irdai.

The non-life insurers had a collective gross premium of Rs 12,970.66 crore in June 2018.

Of all the 34 players in the non-life insurance sector, 25 general insurers registered a marginal increase in premium collection at Rs 11,868.67 crore during the month, as per the data of Insurance Regulatory and Development Authority of India (Irdai).

These 25 companies had collected Rs 11,571.16 crore in June 2018 as premium income.

The seven standalone private sector health insurers witnessed their collective premium income increase by 31 per cent during the month at Rs 927.25 crore, as against Rs 710.21 crore a year ago.

Two specialised PSU insurers-- Agricultural Insurance Company of India and ECFC Ltd -- together reported a plunge of 80 per cent in their collective premium income in June at Rs 141.04 crore.

They had a collective premium of Rs 689.29 crore in June 2018.

On a cumulative basis, the premium of all non-life insurance companies rose 9.91 per cent to Rs 41,063.61 crore during April-June period of 2019-20.

For the 25 general insurers, the cumulative premium in three months to June of this fiscal rose 9.90 per cent to Rs 37,919.33 crore.

The standalone private health insurers recorded a jump of 41.57 per cent at Rs 1,977.13 crore in their cumulative premium income while the two specialised PSU insurers saw a plunge of 61 per cent in their April-June premium at Rs 345.22 crore.