Money & Banking

Non-life insurance premium rises to ₹97,000 cr in H1

Our Bureau. Hyderabad | Updated on October 30, 2020 Published on October 30, 2020

The gross premium underwritten by general insurers went up by 1.37 per cent at ₹96,831 crore in the first half of the current fiscal ended September against ₹95,526 crore in the same period last year.

As per the data released by the Insurance Regulatory and Development Authority of India (IRDAI), fire and health insurance segments drove growth, which was offset by decline in almost all other segments.

Among the segments, fire insurance topped growth with 33 per cent, followed by the health insurance at 15.85 per cent year-on-year growth.

As of September 2020, fire insurance premium was at ₹11,545 crore (₹8,646 crore). Health insurance premium has grown to ₹28,804 crore from ₹24,863 crore in the same period last year. Motor insurance declined by 13.26 per cent at ₹28,097 crore (₹32,395 crore).

Total premium underwritten by private insurers grew by 1.78 per cent at ₹53,584 crore (₹52,548 crore), while PSU general insurers witnessed a fall of 0.71 per cent at ₹35,645 crore (₹35,899 crore).

The total premium of standalone health insurers increased by 28 per cent to ₹7,812 crore,

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Published on October 30, 2020
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