Standalone health insurers saw an impressive rise of 23 per cent in April-July 2020 to Rs 4,806 crore from Rs 3,908.94 crore in the same period
Non-life insurers, which include general insurers, standalone health insurers and specialised PSU insurers, have registered an 18.4 per cent YoY growth in premiums in July. They have amassed premiums of Rs 17,011 crore in July, compared to Rs 14,369 crore in July 2019.
However, in the April- July period, premium growth of non-life insurers was almost flat at 1.62 per cent. General insurers, 25 in total, saw their premium rise 13 per cent to Rs 13,862 crore in July, against Rs 12,277 crore, largely driven by private insurers, whose premium collection has gone up 23 per cent to Rs 8,737.67 crore.
The state-owned general insurers, 4 in total, have, however, reported flat numbers with premiums of Rs 5,484.33 crore, compared to Rs 5,478 crore in July 2019. The biggest gainers have been the standalone health insurers, 6 in total, with premiums rising more than 40 per cent to Rs 1,573.96 crore, mainly because people are buying policies to protect against any uncertainty. The growth has been driven by the health segment.
Another reason is that July was the last month for investing in insurance policies and claiming tax deduction, said Care Ratings.