Non-life insurers' premium rises 16% to Rs 12,235 crore in May

The total premium collected by non-life insurance companies rose 16.4 per cent to Rs 12,234.78 crore in May 2019, Irdai data showed on Thursday. All the 34 non-life insurance firms had collected Rs 10,508.61 crore in May 2018.

In May 2019, 25 general insurers posted 13.7 per cent rise in their total premium underwritten to Rs 11,076.15 crore. For the seven standalone private sector health insurance companies, the premium income jumped by 59 per cent to Rs 1,039.73 crore.

Two specialised PSU insurers - Agricultural Insurance Company of India Limited and ECGC Limited - witnessed flat growth in their collective premium income at Rs 118.90 crore, as against Rs 116.70 crore in May 2018.

Cumulatively, all the non-life insurance firms witnessed a rise of 15.33 per cent in May premium at Rs 28,126.62 crore.

For the 25 general insurers, the premium was up by 13.61 per cent at Rs 26,050.65 crore; standalone health insurers (pvt sector) saw premium income rising by 47.74 per cent to Rs 1,871.80 crore.

The two specialised PSU insurers witnessed their premium income increasing by 6.79 per cent to Rs 204.17 crore in May, 2019.