General insurers’ premium drops 4% in Sept

Non-life insurers are back in the red in the month of September with premium collection dipping 4.41 per cent, despite a jump in premium collection by standalone health insurers. In September, non-life insurers, which include general insurers, standalone health insurers, and specialisedGeneral insurers’ premium drops 4% in Sept, collected premium of Rs. 23,056 crore, against Rs. 24,121.56 crore in the same period last financial year. Standalone health insurers, on the other hand, saw their premium collection surge almost 38 per cent in September to Rs. 1,542 crore, against Rs. 1,118.25 crore in the year-ago period. Also, the regulator ‘s drive to nudge insurers to sell standardised health products has done the trick as there is a huge demand for the Corona Kavach and Corona Rakshak policies. General insurers, saw their premium dip 4.31 per cent to Rs. 18,841.67 crore, compared to Rs. 19, 691.48 crore in the year-ago period. In the first half of the current financial year, while the premium collection of general insurers witnessed a drop of 1 per cent to Rs. 81,511.49 crore, that of standalone health insurers rose 28 per cent to Rs. 7,810.97 crore. The industry’s premium collection surged 1.57 per cent to Rs. 97, 025 crore.