Non-life insurers’ premium income grew 32% in 2016-17

Kolkata, April 10 (IANS) As many as 30 non-life insurers posted a 32 per cent increase in their gross premium income (direct premium income underwritten) to Rs 1,27,212.43 crore in 2016-17 compared with Rs 96,376.40 crore in 2015-16, an IRDAI report released on Monday said.

According to provisional data compiled by the Insurance Regulatory Authority of India (IRDAI), gross direct premium income underwritten in March was Rs 13,269.38 crore, up by over 33 per cent from Rs 9,950.01 crore in the year-ago month.

The data showed private sector general insurers' gross premium income stood at Rs 59,522.75 crore in 2016-17, up by about 36 per cent from Rs 43,855.60 crore in the previous 2015-16 fiscal.

The corresponding figures for public general insurers, including specialised PSU insurers, in the 2016-17 fiscal was Rs 67,689.68 crore, registering a 29 per cent growth, from Rs 52,520.80 crore in 2015-16, the report said.

Standalone private health insurers' gross direct premium income underwritten was Rs 5,859.80 crore in 2016-17 from Rs 4,152.31 crore in the year-ago month.

In March only, public non-life insurers gross premium income stood at Rs 6,593.50 crore, up by about 22 per cent from Rs 5,395.80 crore in the corresponding month of previous fiscal.

Similarly, private players' premium income in March was at Rs 6,675.88 crore, registering a 46 per cent growth over Rs 4,554.21 crore in the same month of previous fiscal year.

Public general insurers have the market share of 53.21 per cent while private players have 46.79 per cent.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)