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Budget News

  • Non-life Insurance companies premium income up 5% in FY21
  • April 13,2021  13:59

  • Gross premium underwritten by non-life insurers which include general insurers, standalone health insurers, and specialised PSU insurers in March, grew by 23% year-on-year (YoY) to Rs 19,298.85 crore from Rs 15,635.42 crore in the year-ago period. For the full year (FY21), however, the non-life insurers recorded a 5.2% growth in premiums at Rs 1.98 trillion over Rs 1.88 trillion in FY20.

    In March, general insurers, 25 in total, recorded a 15% growth in premiums to Rs 15,683.39 crore from Rs 13,685.87 crore in the year-ago period while in FY21, they saw their premiums go up by only 3.35% over FY20 at Rs 1.69 trillion.

    Among the large private insurance companies, ICICI Lombard recorded a 5% growth in premiums in FY21 while Bajaj Allianz General saw its premiums de-grow by almost 2% in the same period. HDFC Ergo, on the other hand, saw its premium collection rise 27.68% in FY21 over FY 20.

    State-owned general insurers, New India Assurance's premium collection jumped 6.22% in FY21 while United India Insurance, Oriental Insurance, and National Insurance Company saw their premiums de-grow by 4.59%, 8.93%, and 7.08%, respectively.

    In March, the standalone health insurers saw their premium income go up by 41% to Rs 2,185 crore compared to Rs 1,545.83 crore in the year-ago period. In the full year (FY21), premium income of standalone health insurers went up by 11% to Rs 15,720 crore.

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