Non-life insurance premium up 13% at Rs 1.7 trillion in FY19: Irdai

Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs 1.70 trillion in the financial year ended March, according to data from Irdai.

The 34 non-life insurers had a gross premium of Rs 1.51 trillion in 2017-18.

Among these insurers, as many as 25 are categorised as general insurers, seven as standalone private sector insurers while the rest of the two are government-owned specialised insurers.

For the 25 general insurers, the collective gross premium in 2018-19 stood at Rs 1.50 trillion, up by nearly 13 per cent from Rs 1.33 lakh crore a year ago, showed the Insurance Regulatory and Development Authority of India (Irdai) data.

While the standalone private health insurers witnessed a rise of 37 per cent in their combined premium to Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore a year ago.

However, the state-owned specialised insurers -- Agricultural Insurance Company of India and ECGC Ltd -- registered a drop of 7.75 per cent in premium at Rs 8,425.75 crore during the fiscal ended March 2019, as against Rs 9,133.78 crore in the previous financial year.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel