Non-life insurers register 14% premium collection growth in Apr-Feb FY20

Non-life insurance companies have registered a 14 per cent growth in premium collection for the April- February period of the current financial year (FY20), over the same period in the last financial year (FY19). For private sector non-life insurers, segments like fire, motor, health have performed better than other segments.

The crop insurance segment has seen negative growth for the private insurers as many have stopped underwriting crop insurance policies. Aviation has seen a flat growth for private insurers. While the private sector insurers saw a 17 per cent growth in premium collection, the state-owned non-life insurers registered a 9 per cent growth in the same period.

For state-owned insurers, segments like fire, crop, credit, and aviation have seen a double-digit growth while segments like motor and personal accident have seen degrowth.