Non-life insurers witness 13 percent rise in premium in FY19

By: |
Published: April 19, 2019 12:44:13 PM

While the standalone private health insurers witnessed a rise of 37 per cent in their combined premium to Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore a year ago.

However, the state-owned specialised insurers — Agricultural Insurance Company of India and ECGC Ltd — registered a drop of 7.75 per cent in premium at Rs 8,425.75 crore during the fiscal ended March 2019, as against Rs 9,133.78 crore in the previous financial year.

Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs 1.70 lakh crore in the financial year ended March, according to data from Irdai. The 34 non-life insurers had a gross premium of Rs 1.51 lakh crore in 2017-18. Among these insurers, as many as 25 are categorised as general insurers, seven as standalone private sector insurers while the rest of the two are government-owned specialised insurers.

For the 25 general insurers, the collective gross premium in 2018-19 stood at Rs 1.50 lakh crore, up by nearly 13 per cent from Rs 1.33 lakh crore a year ago, showed the Insurance Regulatory and Development Authority of India (Irdai) data.

While the standalone private health insurers witnessed a rise of 37 per cent in their combined premium to Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore a year ago. However, the state-owned specialised insurers — Agricultural Insurance Company of India and ECGC Ltd — registered a drop of 7.75 per cent in premium at Rs 8,425.75 crore during the fiscal ended March 2019, as against Rs 9,133.78 crore in the previous financial year.

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
15 must have benefits to consider while buying a car insurance policy
2Planning to buy term insurance? From SBI eShield to ICICI Pru iProtect Smart, best term plans in India to choose from
3In this season of flight cancellations, remember to buy travel insurance