The gross direct premium underwritten by non life insurers in March was lower by ₹1,888.23 crore at ₹15,784.66 crore.
Compared to the₹17,672.89 crore they did in March 2019, this was a decline of over 10%, as per the flash figures of non-life insurers (provisional and unaudited) that insurance regulator IRDAI put out on Tuesday.
March was marked by the COVID-19 outbreak and the consequent lockdown that brought with it restrictions on movement. For the insurers, the last month of the fiscal is usually hectic with an emphasis on achieving the year’s sales target.
Inspite of the decline in March, the gross direct premium underwritten for the full fiscal (2019-20) by non-life insurers was 11.67% higher at ₹1,89,215.54 crore (₹1,69,448.44 crore).
The list of non-life insurers comprises 25 public and private sector general insurance companies; seven standalone private health insurers, including Reliance Health whose portfolio was taken over by Reliance General Insurance; and two specialised PSU insurers, namely Agricultural Insurance Company of India and ECGC.
In 2019-20, the general insurers did a business of ₹1,64,192.78 crore (₹1,49,946.01 crore), a growth of 9.50%. In March, they did ₹13,386.31 crore (₹15,797.06 crore)
Standalone private health insurers performance was better in March at ₹1,807.23 crore (₹1,732.17 crore). For 2019-20, they did a business of ₹14,409.98 crore or 26.92% more compared to the 2018-19 achievement of ₹11,354.01 crore.