General insurers see 2.5% growth in premium in first three quarters
Amidst the rise in awareness for health insurance due to the coronavirus pandemic, standalone health insurers continued to beat the industry in business growth.
January 13, 2021 / 09:16 PM IST
General insurance companies saw a 2.5 percent year-on-year (YoY) growth in gross direct premium in the April-December period of the current fiscal year.
Data from the Insurance Regulatory and Development Authority of India (IRDAI) showed that non-life insurers collected gross premium of Rs 1.45 lakh crore for the first three quarters of FY21.
Here, general insurers collected Rs 1.25 lakh crore, standalone health insurers collected Rs 10,598.5 crore and specialist PSU insurers collected Rs 9,831.75 crore.
Amidst the rise in awareness for health insurance due to the coronavirus pandemic, standalone health insurers continued to beat the industry in terms of business growth.
In the April-December period, health insurers saw a 9.5 percent YoY growth in gross premiums. Here, the largest standalone health insurer Star Health saw a 40 percent YoY premium growth at Rs 6,305.1 crore.
Among the listed insurers, ICICI Lombard collected Rs 10,525 crore premium showing a 3.9 percent YoY growth as of December-end. New India Assurance collected Rs 21,329 crore, showing a 3 percent YoY growth.
Motor insurance, which used to be the largest segment for general insurers in premium collection, has seen a beating due to the COVID-19 lockdown and movement restrictions. Health insurance is the new favourite.