Non-life insurers’ gross premium income grows 24% in May

The gross direct premium underwritten for non-life insurance companies grew close to 24% year-on-year to Rs 15,404.45 crore in May, figures released by insurance regulator IRDAI on Friday showed.

For the first two months of this fiscal, a total of 33 non-life insurers posted a growth of 22.81% y-o-y in gross direct premium underwritten at Rs 36,680.69 crore compared to Rs 29,867.41 crore for the same period last fiscal.  

Upto the month of May, 2022, gross direct premium underwritten for 25 general insurance companies grew 22.62% y-o-y at Rs 33,221.70 crore, while for six stand-alone private insurers it increased by 26.17% y-o-y at Rs 3,259.01 crore, According to the data compiled by the Insurance Regulatory and Development Authority of India (IRDAI).

Agriculture Insurance Company of India and ECGC Ltd, the specialized PSU insurers, collectively posted a 4.74% y-o-y growth at Rs 199.99 crore in their gross direct premiums underwritten for the months of April and May, 2022 from Rs 190.94 crore for the same period of 2021.

While ECGC Ltd registered a growth of 56.67% y-o-y at Rs 151.22 crore during the first two months of the current financial year, Agriculture Insurance Company of India posted a de-growth of 48.35% y-o-y at Rs 48.77 crore during the period under review.