Non-life insurers register 12% growth in gross direct premium income in August: Irdai

The insurance sector regulator - the Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that non-life insurers registered a 12 per cent yearly growth in their gross direct premium income during August this fiscal at Rs 24,471.95 crore. In the same month a year ago, all the 31 non-life insurance companies in the domestic market had garnered a gross premium income of Rs 21,867.93 crore.

According to the data, a total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period. The five standalone health insurance providers reported a jump of 28 per cent in their gross direct premium income during the month at Rs 2,059.38 crore. The figure stood at Rs 1,609.75 crore in August 2021.

The rest two specialised public sector insurers in the non-life space witnessed a 15.2 per cent rise in their combined premium income in August 2022 at Rs 5,310.82 crore as against Rs 4,609.55 crore a year ago. On a cumulative basis, all the 31 players' gross direct premium income in April-August period of 2022-23 rose by 18.57 per cent to Rs 1,02,357.29 crore. It was Rs 86,329.09 crore in same period of 2021-22.