Non-life insurers' premium rises 24% to Rs 15,404 crore in May

Non-life insurance companies registered a year-on-year rise of 24 per cent in their collective gross direct premium in May this year at Rs 15,404.45 crore, data from regulator Irdai showed on Friday.

Non-life insurance players had registered a gross direct premium worth Rs 12,423.98 crore in May 2021.

Break-up wise, 25 general insurers among the 31 non-life players witnessed an increase of 24 per cent in the gross direct premium in May 2022 at Rs 13,566.18 crore, as against Rs 10,954.18 crore in the same month a year ago, the Insurance Regulatory and Development Authority of India (Irdai) data showed.

The five standalone private sector health insurance companies reported an increase of 23.6 per cent in gross premium during the month at Rs 1,708.86 crore, as against Rs 1,382.71 crore.

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The two specialised PSU insurers reported a jump of 48.6 per cent in gross direct premium at Rs 129.42 crore in May this year, up from Rs 87.09 crore a year ago.

Cumulatively, the gross direct premium of all the non-life insurers during April-May period of the current fiscal year rose by 22.8 per cent to Rs 36,680.69 crore. It stood at Rs 29,867.41 crore in the same month a year ago.