INSURANCE
Non-life insurers report 11.6% rise in premium collection in 2019-20: Irdai
Apr-17-2020

The Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that non-life insurance companies registered 11.6% rise in their collective premium collection at Rs 1.89 lakh crore during 2019-20. All 34 non-life insurers had registered total premium collection of Rs 1.69 lakh crore in the preceding fiscal ended March 2019.

Of the total players in the non-life space, 25 general insurers saw a rise of 9.50% in total premium earnings at Rs 1.64 lakh crore in 2019-20 as compared to Rs 1.49 lakh crore in the previous fiscal. These 25 players accounted for 86.8% market share.

The seven standalone private sector health insurers reported 26.9% jump in premium collection at Rs 14,409.98 crore last fiscal as against Rs 11,354.01 crore in 2018-19. The two specialised PSU insurers- Agricultural Insurance Company of India and ECGC - witnessed 30.24% jump in combined premium income at Rs 10,612.78 crore from Rs 8,148 crore in 2018-19.

While ECGC reported a decline of 13.81% in premium collection in 2019-20, Agricultural Insurance Company had a jump of 38.21% in collection. The private sector players constituted over 7.6% market share and the rest by the two PSU insures.

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