Non-life insurers’ February premium up 33 per cent at Rs 10,287.74 cr

Non-life insurance companies’ total premium grew 33.4 per cent to Rs 10,287.74 crore in February this year.

Their gross premium stood at Rs 7,710.81 crore in the same month a year ago.

Of the total premium collected in February 2017, public sector companies cornered Rs 5,289.09 crore, up 34.9 per cent against the year-ago month.

Private sector companies garnered Rs 4,998.65 crore, up 31.9 per cent from a year ago, data from Insurance Regulatory and Development Authority of India (Irdai) showed.

While, specialised PSU insurers’ underwritten premium during the month rose by 124 per cent to Rs 890.22 crore.

There are a total of 29 insurance companies in non-life segment in India.

Of these, two are specialised PSU insurers, four are public sector, five are standalone private sector health insurers and the rest are private sector general insurance firms.

For cumulative April-February period of 2016-17, all the non-life insurance companies’ premium collection grew by 31.7 per cent to Rs 1,13,942.28 crore, from Rs 86,526.19 crore during the same period in the previous fiscal.

Public sector companies April-February premium increased by 29.6 per cent to Rs 61,096.32 crore, from Rs 47,124.95 crore.

For private sector the cumulative premium underwritten during the 11-month period was at Rs 52,845.96 crore, up 34.1 per cent from Rs 39,401.23 crore; specialised PSU insurers’ collection was Rs 7,993.35 crore, up 79 per cent from Rs 4,463.46 crore year ago.