Non-life insurance companies reports marginal fall in gross premium income in October: Irdai

The Insurance Regulatory and Development Authority of India (Irdai) data showed that non-life insurance companies reported a marginal fall of 0.42 per cent in gross premium income at Rs 15,855.11 crore during the month of October of the current fiscal year (FY21) as compared to Rs 15,921.92 crore premium income generated by 34 non-life insurance companies in the same month of previous fiscal year 2019-20.

As per the data, general insurers witnessed 4.06 per cent decline in gross premium collection at Rs 14,158.14 crore in September FY21 as against Rs 14,757.68 crore in the same month a year ago. However, the seven standalone health insurers among the non-life insurance companies registered a 32.38 per cent jump in premium income at Rs 1,403.36 crore during the month from Rs 1,060.12 crore a year ago. Also, specialized PSU insurers have showed over 2-fold jump in their premium collection at Rs 293.61 crore in the month of October over Rs 104.12 crore in same month of FY20.

The total premium collected by the 34 non-life insurance players during April-October period of 2020-21 increased 1.11 per cent to Rs 112,685.18 crore over Rs 111,450.31 crore in the corresponding period of last year. The cumulative premium of general insurers during April-September period of the fiscal fell 1.68 per cent to Rs 95,474.79crore. However, specialized PSU insurers saw 11.31 per cent increase in their cumulative premium collection at Rs 7,996.07 crore during April-September. The cumulative premium of standalone health insurers grew 28.70 per cent to Rs 9,214.32 crore during the period.