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ICICI Lombard Expert Blog
 

Gross Premium Collection of 33 General Insurers Grows 20% in July

August 24 2018
Insurance

Data from the Insurance Regulatory and Development Authority of India (IRDAI) revealed a 20 per cent growth in gross premium collection by non-life insurers in July 2018. Premiums collected by non-life insurance companies in July 2018 stood at ₹11,714.87 crore as against ₹9,790.07 crore for the same month last year.

Of the 33 non-life insurance companies, 25 general insurers witnessed a jump in premium collection of 23 per cent amounting to ₹10,782.37 crore during the month this year, as against ₹8,800.85 crore for the same period last year.

IRDAI’s data also revealed enhanced premium collection by six stand-alone health insurers. Premium collection of the six stand-alone health insurers rose by 41% to ₹776.80 crore for the month of July in 2018 as against ₹551.82 crore in July 2017.

However, the two specialised PSU insurers saw a drop in their gross premium collection by 64.4 per cent for the month of July this year. The combined gross premium collection of these two stood at ₹155.70 crore in the month as against ₹437.40 crore during the same period last year.

There was also a rise in gross premium collection by 14 per cent of all the 33 non-life insurance companies for April-June 2018-19 compared to the same period in 2017-18. Premiums collected by all the 33 non-life insurance companies for April-June 2018-19 period stood at ₹49,067.47 crore as against ₹43,076.26 crore in 2017-18.

*Source:The Economic Times

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