Non-life insurers see 14.52% growth in gross premium underwritten in January1 min read . Updated: 13 Feb 2020, 03:11 PM IST
- 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.