Premiums hiked for non-life insurance companies

As per the regulatory data, the gross direct premium written by non-life insurance companies rose by over 22% in April, 2021 to Rs. 17,309.54 crore. All the 33 insurance companies in the non-life segment had generated gross written premium of Rs. 14,174.10 crore in the same month of 2020.

Of these, the 25 players which are categorised as general insurers registered nearly 20% increase in their collective gross premium at Rs. 15,946.46 crore in April 2021, as against Rs. 13,328.16 crore in year-ago same period, data from IRDAI showed.

The five standalone health insurance providers witnessed more than 43% hike in gross premium at Rs. 1,259.23 crore as against Rs. 809.20 crore. Two specialised state owned PSU insurers – Agricultural Insurance Company of India Limited and ECGC Limited – had their combined premium during the month soaring by 183 % to Rs. 103.85 crore, as against Rs. 36.74 crore in April, 2020.