The non-life insurance policies provide coverage to the consumers against the risk of loss or damage to property, automobile, health, travel, personal accident, etc. Based on the Insurance Regulatory and Development Authority of India’s data, there has been an increase in the gross premium of non-life insurance by 14 per cent at ₹13,880.74, compared to April last year. The non-life insurance firms recorded a gross written premium of ₹12,198.60 crores in April 2017.
A collective premium of ₹13,193.44 crores were written by the 25 general insurers in April this year. It is up by 13.4 per cent from ₹11,636.08 crores as compared to the same month last year. During the same month, the gross premium written by the standalone private-sector health insurance providers increased by 29.2 per cent to ₹612.81 crore against ₹474.26 crore, a year ago.
The statistics from Insurance Regulatory and Development Authority of India showed that the Agricultural Insurance Company of India and the Export Credit Guaranteed Corporation of India, the two specialized public-sector insurers, collected a premium of ₹74.49 crore in April, which is down by 15.6 per cent from ₹88.26 crore.
There are 33 non-life insurance firms, out of which twenty-five are general insurers, six are standalone private insurers, and two are specialized public-sector undertakings.
*Source: Economic Times
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