Gross direct premium of non-life insurers had crossed Rs 1.5 lakh crore by March 31 this year with the industry registering a growth of over 17 per cent.
Data released by the Insurance Regulatory and Development Authority (IRDA) on Wednesday revealed that the gross direct premium underwritten by non-life insurers had touched Rs 1,50,615.32 crore in 2017-18, registered a 17.47 per cent growth over the previous year.
Of this, the total gross premium of general insurers grew 16.87 per cent to 1,33,255.44 crore in 2017-18. In March, gross premium of general insurers had touched Rs 14,356.33 crore.
Gross direct premium of standalone private sector insurers however, saw the sharpest rise of 41.61 per cent to Rs 8,296.43 crore. Gross direct premium of specialised insurers like ECGC rose 8.78 per cent to Rs 9,063.45 crore last fiscal.