General insurers log Rs 17,679 crore premium in Oct

Indian non-life insurance segment closed October 21 on a positive note with a total premium of Rs 17,679.98 crore, said Insurance Regulatory and Development Authority of India (IRDAI).

According to IRDAI, the 31-non-life insurers had earned a premium of Rs 17,679.98 crore last month up from Rs 15,906.71 crore earned in October 2020.

Government owned The New India Assurance Company Ltd led the industry earning Rs 2,705.84 crore followed by ICICI Lombard General Insurance Company Ltd with Rs 1,675.29 crore and HDFC Ergo General Insurance with Rs 1,236.10 crore.

While the industry grew overall, public sector companies United India Insurance Company Ltd, National Insurance Company Ltd, ECGC Ltd and private sector players NAVI General Insurance Ltd and Shriram General Insurance Company Ltd logged negative growth.

Within the industry, all the five standalone health insurers had a positive business growth last month and they had earned Rs 1,609.37 crore as premium.

Last month the two specialised insurers — Agricultural Insurance Company of India Ltd and ECGC Ltd — earned a premium of Rs 338.57 crore and Rs 80.38 crore respectively.