Non-life insurers witness 5% rise in gross direct premium collection in FY21

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New Delhi: The gross direct premium written by the non-life insurance companies witnessed a 5.2% increase in 2020-21 to Rs 1,98,734.68 crore, data from Irdai showed.

All the non-life insurance companies wrote gross direct premium of Rs 1,88,916.61 crore in 2019-20.

In the month of March 2021, the total premium by all the players stood at Rs 19,298.85 crore, up by over 17% from Rs 15,635.42 crore in the year-ago same month, according to the Insurance Regulatory and Development Authority of India (Irdai) data. The data as of March 2021 is provisional and unaudited.

Among the 25 general insurers in the non-life insurance sector, the total premium in FY21 increased by 3.35% to Rs 1,69,840.05 crore as against Rs 1,64,328.20 in the year-ago fiscal.

In the standalone private health insurers category, the total premium written by five players rose by 11.08% to Rs 15,720.04 crore in 2020-21 from Rs 14,151.70 crore.

Earlier, there were seven standalone health insurance providers, which now stand decreased to five after takeover of Reliance Health portfolio by Reliance General. Insurance and merger of HDFC Ergo Health into HDFC Ergo General.

The two specialised PSU insurers — Agricultural Insurance Company of India Limited and ECGC Limited — registered 26.23% jump in their collective premium in FY21 at Rs 13,174.60 crore.

However, Agricultural Insurance Company of India Limited saw a jump of 29.39% in gross premium collection during the year at Rs 12,112.34 crore, ECGC Ltd witnessed a decline of 1.23% at Rs 1,062.26 crore.

The total number of non-life insurers now stands decreased to 32 from 34 earlier.