Non-life insurance premium rises to Rs 1.73 lakh crore during April-February in FY20

Non-life insurance firms reported a 14 per cent increase in the premium collection to Rs 1.73 lakh crore during April-February this fiscal, according to the Insurance Regulatory and Development Authority of India (IRDAI) data. As many as 34 non-life insurance companies had collected a total premium of over Rs 1.52 lakh crore in the same period of 2018-19.

Public sector insurance firms witnessed a rise of 11 per cent in their premium income at Rs 76,369.72 crore during the first 11 months of 2019-20, the data showed.

The two specialised public sector companies, AIC and ECGC, reported a 25 per cent jump in the collection at Rs 10,032.72 crore in the period.

Private sector non-life insurance providers collected a total premium of Rs 97,072 .18 crore during April-February 2019-20, up by 17 per cent a year ago.

Seven standalone health insurers in the private sector reported a 21.31 per cent jump in their total premium income at Rs 12,602.31 crore in the period as against Rs 9,633.21 crore during the year-ago period.