Non-life insurers see nearly 6% fall in premium income at Rs 22,775 cr in September

By: |
November 01, 2020 4:42 PM

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.

Subsequently, premium accretion in August 2020 was at Rs 27,040 crore, up 14.8% year-on-year, compared to de-growth in April and May 2020.Motor TP insurance is mandatory, with premium being fixed by the regulator on an annual basis.

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. 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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Mukesh Ambani’s RIL slips 59 places on Fortune list, SBI jumps 16 notches
2Forging industry seeks PMO’s intervention over high steel prices
3National SC-ST Hub: 50% jump in funds released for SC-ST entrepreneurs to boost entrepreneurship in FY21