Growing demand for health insurance, evident since the pandemic began last year, played a role in non-life insurers posting more than 22% year-on-year rise in gross direct premium underwritten to ₹17,310 crore in April.
Among them, standalone private health insurers posted a 55.6% increase to ₹1,259.2 crore, according to flash figures released by insurance regulator IRDAI.
General insurers, for whom too health insurance is the mainstay, reported a 19.6% rise to ₹15,946.5 crore. With the inclusion of the two specialised PSU insurers, the non-life insurers gross premium underwritten rose 22%.
On the life insurance front, the first year premium mobilised by the private insurers increased 55.2% to₹4,882 crore. Their market share stood at 50%, the business statement for April released by IRDAI said.
Behemoth and State-owned Life Insurance Corporation of India (LIC) posted a 35.6% increase in first premium income to ₹4,856.8 crore.
