Non-life insurers log 12% rise in premium at Rs 15,981 cr in Dec 2019

Non-life insurance companies reported a rise of 11.5 percent in premium collections at Rs 15,980.81 crore in December 2019, showed Irdai data. As many as thirty-four non-life insurance companies had collected a total premium of Rs 14,334.98 crore in the same month a year ago.

Of all the insurers, 25 general insurance firms reported a rise of 4 percent in their combined premium during December at Rs 14,037.51 crore, as against Rs 13,502.48 crore in the year-ago period, according to the Insurance Regulatory and Development Authority of India (Irdai) data. Seven stand-alone private-sector health insurers collected Rs 1,258.14 crore premium during the month, up by 16.3 percent from a year ago.

Two specialized PSU insurers -- Agricultural Insurance Company of India Limited and ECGC Limited -- earned Rs 685.16 crore as premium income in December 2019. There was a combined premium income loss of Rs 249.32 crore for the 'specialized PSU insurers' category in the year-ago period, showed the data.

Cumulatively, the premium of all 34 non-life insurance companies during the April-December period of 2019-20 rose by 15.41 percent to Rs 1,42,023.78 crore from Rs 1,23,061.94 crore a year earlier.