Non-life insurers have registered a 11.35% rise in gross direct premium underwritten for May, a growth boosted by the continued demand for health products.
Flash figures issued by insurance regulator IRDAI show the non-life segment comprising general, standalone health as well as two specialised PSU insurers’ gross direct premium underwritten at ₹12,316.50 crore. In May 2020, it was ₹11,061 crore.
Of this, general insurers, who also deal in health, posted a 7.2% rise to ₹10,8233 crore. Standalone private health insurers stood out posting a 66.6% rise to ₹1,407 crore.
The pattern, however, is not new with the rise in the number of people contracting COVID-19 pushing up the demand for health insurance products since last year. IRDAI had also mandated the insurers dealing in health products to introduce two standard covers for COVID-19.
