Home >Insurance >News >Non-life insurers see 14.52% growth in gross premium underwritten in January
Specialized PSU insurers reported a 35.83% increase in gross premiums underwritten by them to  ₹9,622.98 crore. Photo: iStock
Specialized PSU insurers reported a 35.83% increase in gross premiums underwritten by them to 9,622.98 crore. Photo: iStock

Non-life insurers see 14.52% growth in gross premium underwritten in January

  • The total premiums underwritten by the non-life insurers stood at Rs1.59 trillion
  • Acko General Insurance Limited’s underwritten premiums surged over 200%

NEW DELHI : Gross direct premiums underwritten by non-life insurers rose 14.52% in the 10 months up to January from a year-ago period, according to the data released by Insurance Regulatory and Development Authority of India.

In absolute terms, the total premiums underwritten by the non-life insurers stood at Rs1.59 trillion up during April-January against Rs1.39 trillion in the corresponding period a year ago. This includes underwritings by state-owned general insurers, private general insurance companies, specalised public sector insurers and standalone health insurers.

Among the private non-life insurers, Acko General Insurance Limited’s gross direct premiums underwritten in the April 2019 to January 2020 period surged over 200% to Rs311.2 crore from Rs102.87 crore in a year-ago period.

HDFC Ergo, ICICI Lombard and Reliance General Insurance reported a positive growth of 5.12%, 7.16% and 23.44% respectively in the gross premiums underwritten in April-January period of the current financial year.

Among state-owned insurance companies, SBI General Insurance reported a 49% year-on-year growth, Oriental Insurance 4.69% and United India insurance 6.84% growth in the gross direct premiums underwritten till January.

The New India Assurance Company, which holds the largest market share (14.28%) reported a positive growth of nearly 15%.

Standalone health insurers, seven in total, saw a 31.69% growth in the gross premiums underwritten in the April-January period of FY 2020 to 11,207.13 crore from 8,510.31 crore in the same period last year.

Specialized PSU insurers reported a 35.83% increase in gross premiums underwritten by them to 9,622.98 crore in April-January of the current financial year from 7,249.32 crore in year-ago period.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout