Non-Life Insurers Register 28% Rise In September Premium
An employee holds Indian rupee banknotes while writing on a notepad at a Rebel Foods Pvt cloud kitchen in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Non-Life Insurers Register 28% Rise In September Premium

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Non-life insurance companies witnessed a 28.3 percent rise in their collective new premium at Rs 24,563.24 crore in September, according to data by the Insurance Regulatory and Development Authority of India.

All the 34 non-life insurers had collected a business premium of Rs 19,141.65 crore in the same month a year ago. Among these, 25 general insurers reported a rise of 39.3 percent in their combined premium during the month at Rs 20,145.46 crore as against Rs 14,463.60 crore in September 2018, as per data by IRDAI.

The seven standalone private sector health insurance companies clocked Rs 1,115.75 crore premium in September this year, up 21.6 percent from Rs 917.38 crore in the year-ago period.

The rest two specialized PSU insurers -- Agricultural Insurance Company of India and ECGC -- saw a decline of 12.2 percent in their premium income at Rs 3,302.02 crore compared to Rs 3,760.67 crore. On a cumulative basis, a premium collection of all non-life insurers during April-September this fiscal rose by 17.23 percent to Rs 95,978.99 crore.

The 25 general insurers witnessed a 16.84 percent increase in their combined premium income at Rs 82,802.51 crore, and the seven stand-alone private-sector health insurers registered a rise of 6.35 percent to Rs 6,096.98 crore. The two specialised PSU insurers recorded 8.5 percent increase in premium at Rs 7,079.50 crore in April-September this fiscal.

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