Non-life insurance companies posted an 86.18 percent jump in their gross direct premium income underwritten (gross premium income) at Rs 14,950 crore in September as against Rs 8,029.62 crore in the same month last year due to higher sales in crop insurance, motor and health insurance products.
According to data compiled by the Insurance Regulatory and Development Authority (IRDA), private sector general insurers’ gross direct premium income underwritten in September stood at Rs 5,322.97 crore, up by 62.74 percent from Rs 3,270.77 crore in September last year.
The same for public general insurers in the last month was at Rs 5,626.69 crore, registering a 51.67 percent growth, from Rs 3,709.78 crore.
Standalone private health insurers’ gross direct premium income underwritten was at Rs 462.93 crore in September from Rs 312.42 crore in the year-ago month.
“Pradhan Mantri Fasal Bima Yojana scheme combined with higher demand for motor and health insurance have contributed to the surge in gross premium income of general insurance companies in the last month. Usually, health insurance grows by around 30 percent. Higher sales of motors insurance products and crop insurance fuelled such growth,” General Insurance Council’s Secretary General R. Chandrasekaran said.
A total of 29 non-life insurers reported a 28.33 percent increase in their gross direct premium income underwritten to Rs 60,270.98 crore in the first six months (April-September) of the current fiscal, as compared to Rs 46,965.84 crore in the corresponding period last year.
Public general insurers have 54.54 percent market share while private players capture 45.46 percent upto September, IRDA data added.