Non-life insurers’ gross premium income up 24% to 21,327 crore `in April

NEW DELHI: The gross premium income of non-life insurance companies grew nearly 24 per cent to Rs 21,326.58 crore in April, data from IRDAI showed on Friday. The non-life insurance companies had a gross premium business worth Rs 17,251.10 crore in April 2021.

Of the total 31 non-life insurance companies, 24 general insurers registered a growth of 23.57 per cent in their gross direct premium written in April at Rs 19,705.86 crore, according to data from the Insurance Regulatory and Development Authority of India (IRDAI).

These general insurers had registered a premium income worth Rs 15,946.91 crore in April 2021.

The five standalone private sector health insurance companies posted a 29.14 per cent growth in their collective gross premium income during the month at Rs 1,550.14 crore, as against Rs 1,200.34 crore in the year-ago period.

However, the two specialised PSU insurers — Agricultural Insurance Company of India and ECGC Ltd — witnessed a decline of over 32 per cent in their combined premium income at Rs 70.57 crore in April as against Rs 103.85 crore in the same period a year ago.

While ECGC registered a growth of 53.41 per cent at Rs 68.62 crore, Agricultural Insurance Company of India reported a slump of 96.70 per cent in its premium income at Rs 1.95 crore in April.