Non-Life Insurers See 5.5% Fall In Premium Incomes In September
An agent selling insurance products to customers. (Photographer: Brendon Thorne/Bloomberg)

Non-Life Insurers See 5.5% Fall In Premium Incomes In September

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Non-life insurance companies reported a 5.55% decline in gross premium income at Rs 22,774.60 crore during the month of September of the current fiscal year, as per regulatory data.

The 34 non-life insurance companies had garnered a premium income of Rs 24,111.78 crore in the same month of previous fiscal year 2019-20.

The public sector insurers witnessed a 6.08% fall in gross premium collection at Rs 10,959.88 crore in September FY21 as against Rs 11,669.43 crore in the same month a year ago, the Insurance Regulatory and Development Authority of India data showed.

The private sector non-life insurance players reported a 5.04% fall in premium at Rs 11,814.71 crore in September 2020 as against Rs 12,442.35 crore a year ago.

However, the seven standalone health insurers among the non-life insurance companies registered a 38.04% jump in premium income at Rs 1,543.62 crore during the month from Rs 1,118.24 crore a year ago.

Also read: The Prudence of Lower Minimum Capital Requirements for Insurers

The total premium collected by the 34 non-life insurance players during April-September period of 2020-21 increased 1.37% to Rs 96,831.55 crore.

Their gross premium income stood at Rs 95,526.89 crore in the same period of 2019-20.

The cumulative premium of public sector insurers during April-September period of the fiscal rose 0.86% to Rs 43,347.49 crore.

Also read: Where India’s Largest Insurer LIC Invested Money In The June Quarter

The private sector insurers saw 1.78% increase in their cumulative premium collection at Rs 53,484.06 crore during April-September, the data showed.

The cumulative premium of standalone health insurers grew 28.10% to Rs 7,812.39 crore during the period.

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