Industry

Non-life insurers’ premiums rise 18%

The gross direct premium underwritten by non-life insurers, comprising general, standalone private health insurers and specialised PSU insurers, rose 18.4% to ₹17,011.39 crore in July from a year earlier.

Standalone health insurers powered the growth, presumably on the back of higher demand for health covers in the wake of COVID-19, with a close to 41% increase to ₹1,573.96 crore.

General insurers also seem to have benefitted from the pattern clocking growth of 12.9% to ₹13,862 crore. Many among the 25 general insurers reported a decline in business, individually. However, in April-July, gross direct premium underwritten by non-life insurers rose 1.62% to ₹56,339.82 crore.

The period was marked by lockdowns, which hit auto sales and in turn, motor insurance.

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Printable version | Oct 29, 2020 12:37:06 PM | https://www.thehindu.com/business/Industry/insurance-copy/article32338724.ece

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