Non-life insurance firms’ premium collection rises14% to Rs 1.73 trillion in April-February of FY20

The Insurance Regulatory and Development Authority of India (IRDAI) in its latest data has showed that non-life insurance firms reported a 14% rise in the premium collection to Rs 1.73 trillion during April-February this financial year (FY20). As many as 34 non-life insurance companies had collected a total premium of over Rs 1.52 lakh crore in the same period of 2018-19.

According to the data, public sector insurance firms witnessed a rise of 11% in their premium income at Rs 76,369.72 crore during the first 11 months of 2019-20. The two specialised public sector companies, AIC and ECGC, reported a 25% jump in the collection at Rs 10,032.72 crore in the period.

On the other hand, private sector non-life insurance providers collected a total premium of Rs 97,072 .18 crore during April-February 2019-20, up by 17% a year ago. Seven standalone health insurers in the private sector reported a 21.31% jump in their total premium income at Rs 12,602.31 crore in the period as against Rs 9,633.21 crore during the year-ago period.