Non-Life Insurers’ Premium Collection Rose 17% In August
A man holding an umbrella shelters a worker from the rain as he welds repairs to a truck at a freight depot near Nhava Sheva Port in Navi Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Non-Life Insurers’ Premium Collection Rose 17% In August

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India’s non-life insurers registered a 17 percent rise in their combined new premium collection in August.

The gross premium collection of 34 companies stood at Rs 15,964 crore in August 2019 compared with Rs 13,657.51 crore a year ago, according to data from the Insurance Regulatory and Development Authority of India.

Among these, the 25 general insurance providers had a combined premium of Rs 12,447.10 crore, up 12 percent from August 2018.

The seven standalone private non-life insurance companies registered an increase of 33 percent in new premium income at Rs 1,070.29 crore.

The two specialised public sector companies —Agricultural Insurance Company of India and ECGC Ltd. — witnessed a 42 percent jump in their collective premium income at Rs 2,446.61 crore.

Cumulatively, the gross premium underwritten by all the 34 non-life insurers during April-August period of the current fiscal rose 14 percent to Rs 71,415.09 crore.

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