Tuesday, October 4, 2022
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Non-life insurers see 12% increase in gross direct premium income in August: Irdai

Non-life insurers posted a 12 per cent annual growth in their gross direct premium income during August this fiscal year to Rs 24,471.95 crore, data from insurance sector regulator Irdai showed.

In the same month a year ago, the 31 non-life insurance companies in the domestic market had earned a gross premium income of Rs 21,867.93 crore.

According to data provided by the Insurance Regulatory and Development Authority of India (Irdai), a total of 24 general insurers saw a 9.3 per cent growth in their collective gross direct premium income in August to 17,101.75 million. Rs 15,648.63 crore in the year-ago period.

The five independent health insurance providers reported a 28 per cent rise in their gross receipts from direct premiums for the month to Rs 2,059.38 crore. The figure stood at Rs 1,609.75 crore in August 2021.

The remaining two specialist public sector insurers in the non-life space saw a 15.2% increase in their combined premium income in August 2022 to Rs 5,310.82 crore compared to Rs 4,609.55 crore a year ago .

Cumulatively, the gross direct premium income of the 31 players in the period April-August 2022-23 increased by 18.57% to Rs 1,02,357.29 crore. It was Rs 86,329.09 crore in the same period of 2021-22.

(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)

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