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The gross direct premium underwritten by the non-life insurers grew 11.67 per cent in the financial year ended March 31, 2020.
According to Insurance Regulatory and Development Authority of India (IRDAI) data, the total premium increased to ₹1,89,215 crore in 2019-20 compared with ₹1,69,448 crore in the previous financial year.
The total premium underwritten by 25 private and public insurers had increased by 9.5 per cent at ₹1,64,192 crore (₹1,49,946 crore) while seven standalone private health insures had witnessed higher growth in premium at 27 per cent with a total premium of ₹14,410 crore as against ₹11,354 crore in the year-ago period.
The specialised public sector insurers — Agricultural Insurance Company Ltd and ECGC, have posted 30 per cent increase at ₹10,612 crore (₹8,148 crore).
Covid-19 impact
The non-life insurance business is evidently hit by the Covid-19 pandemic threat and subsequent lockdown in March.
The gross premium underwritten in March this year was ₹15,784 crore showing a steep decline compared to ₹17,672 registered the same month last year.
“With the extension of national lockdown till May 3 today as announced by Prime Minister Narendra Modi, the entire April month will also be lost for business which will impact performance of general insurance industry this year too,’’ said the Vice-President of a major private general insurer.
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