Non-life insurers report 11.5% increase in premium collections in December

The Insurance Regulatory and Development Authority of India (IRDAI) in its latest data has showed that India’s Non-life insurance companies reported a rise of 11.5 percent in premium collections at Rs 15,980.81 crore in December 2019 as against Rs 14,334.98 crore in the same month a year ago.

Of the all 34 non-life insurers, 25 general insurance firms reported a rise of 4 percent in their combined premium during December at Rs 14,037.51 crore, as against Rs 13,502.48 crore in the year ago period. Seven stand-alone private sector health insurers collected Rs 1,258.14 crore premium during the month, up by 16.3 percent from a year ago. While, the rest two specialised state-owned insurers, Agricultural Insurance Company of India and ECGC, earned Rs 685.16 crore as premium income in December 2019. There was a combined premium income loss of Rs 249.32 crore for the 'specialised PSU insurers' category in the year-ago period.

On a cumulative basis, the premium of all 34 non-life insurance insurers during April-December period of 2019-20 rose by 15.41 percent to Rs 1,42,023.78 crore from Rs 1,23,061.94 crore a year earlier.