Non-life insurers reported an 11.75 per cent growth in gross premiums underwritten, in December 2020. according to data released by the Insurance Regulatory and Development Authority of India (IRDAI).
The data states that non-life insurers, including general insurers, standalone health insurers, and specialised PSU insurers underwrote gross premium of Rs 17,935.70 crore. In 2019 December it was Rs 16,049.80 crore.
Insurers reported single-digit growth in November after recording a slump in the previous two months. In November, non-life insurers reported a 2.7 per cent growth while in October it contracted by 0.41 per cent and by 4.41 per cent in September.
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By the end of the third quarter of 2020-21, a total of Rs 1,45,679.24 crore gross premium was underwritten by non-life insurers against Rs 1,42,085.21 crore in the same period last year. The growth rate currently stands at 2.53 per cent.
Private non-life insurers collected premiums worth Rs 8,733.79 crore in December witnessing a 13.95 per cent year-on-year (YoY) growth.
Standalone health insurers collected Rs 1,417.41 crore premium in December, which was 4.98 per cent higher than in 2019 December.
Public sector insurers collected Rs 7,784.51 crore premium in December with a growth percentage of 10.66.
