Non-life insurers see 6 per cent fall in premium income

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

New Delhi: Non-life insurance companies reported a 5.55 per cent decline in gross premium income at Rs 22,774.60 crore during the month of September of the current fiscal year, as per Irdai’s 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.

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The public sector insurers witnessed a 6.08 per cent 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 (Irdai) data showed.

The private sector non-life insurance players reported a 5.04 per cent 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 per cent jump in premium income at Rs 1,543.62 crore during the month from Rs 1,118.24 crore a year ago.

The total premium collected by the 34 non-life insurance players during April-September period of 2020-21 increased 1.37 per cent 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 per cent to Rs 43,347.49 crore.

The private sector insurers saw 1.78 per cent 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 per cent to Rs 7,812.39 crore during the period.