The non-life insurance premium declined marginally by 0.4 per cent at ₹15,855 crore in October 2020 as against ₹15,921 in the same period last year.
As per the data released by the Insurance Regulatory and Development Authority of India (IRDAI), gross direct premium up to October 2020, however, showed a growth of 1.11 per cent at ₹1,12,685 crore as against ₹1,11,450 crore in the corresponding period of last year. The health insurance segment drove the growth.
The growth was, however, subdued compared to the previous year (April-Oct FY20 vs FY19) when it stood at 16 per cent.
Life insurance new biz premium up 32 per cent
The new business premium of life insurers in October 2020 grew by 31.87 per cent at ₹22,776 crore (₹17,271 crore). Up to October, the growth was at 3.31 per cent at ₹1,47,503 crore compared to ₹143,030 crore in the same period last year.