Total gross direct premiums underwritten by non-life insurers for the April-November period has jumped 13.24 per cent over the same period last year, according to figures released by the Insurance Regulatory and Development Authority of India (Irdai).
Total premiums underwritten by general insurers (non-life insurers, stand-alone health insurers and specailised PSU insurers) amounted to Rs 1,087.26 billion in the April-November period as opposed to Rs 960.1 billion in the same period last year.
While the private non-life insurers saw a significant growth of 23.40 per cent, the state-owned ones reported a marginal rise of 2.26 per cent in the April-November period of 2018. In absolute terms, the private non-life insurers earned Rs 517.15 billion while last year it was Rs 419.07 billion.
The four state-owned general insurers – National Insurance, New India Assurance, Oriental Insurance and United India Insurance – earned Rs 439.94 billion in direct premiums underwritten as opposed to Rs 430.02 billion in the same period last year.
Also, the specialised public sector insurers — Agriculture Insurance Company of India and Export Credit Guaranteed Corporation of India — saw a tepid growth of 1.08 per cent growth up to the month of November 2018.
Standalone health insurers earned Rs 62.32 billion in premiums underwritten by them in April-November, 2018, as opposed to Rs 43.69 billion in the same period last year. And, the specialised public sector insurers earned Rs 67.84 billion in premiums while it was Rs 67.12 billion last year.
Out of the big four state-owned insurers, United India Insurance and National Insurance reported a decline in the gross premiums underwritten in the period between April-November 2018.
United India Insurance, with a market share of 9.30 per cent, saw a 2.78 per cent decline from Rs 104.01 billion to Rs 101.12 billion.
Similarly, National Insurance Company, with a market share of 8.90 per cent in the non-life segment, reported a 9.85 per cent contraction in gross premiums underwritten. Its goss premiums contracted from Rs 107.33 billion in April-November 2017 to Rs 96.76 billion in April-November, 2018.
On the contrary, New India Assurance and Oriental Insurance saw a 8.33 per cent and 15.01 per cent growth, respectively, in the direct premiums underwritten by them. In absolute terms, New India Assurance and Oriental Insurance earned Rs 156.84 billion and Rs 85.20 billion in premiums.
The private players, however, have seen an excellent growth in the premiums collected by them in the period between April and November, 2018. Gross premiums underwritten by the private players saw a jump from Rs 419.06 billion to Rs 517.15 billion.