General insurance companies posted a 2.7 percent year-on-year (YoY) growth in gross written premiums in the April 1-January 31 period (FY21). Data from the Insurance Regulatory and Development Authority of India (IRDAI) showed that the non-life companies collected premiums of Rs 1.63 lakh crore in this period.
The growth was led by standalone health insurers who posted an 8 percent YoY rise in premiums to Rs 12,108.74 crore in the period.
The other general insurers (excluding Agriculture Insurance Company and ECGC) posted 1.9 percent YoY growth in premium to Rs 1.41 lakh crore.
The specialist insurers Agriculture Insurance Company and ECGC posted 8.77 percent YoY growth in premium to Rs 10,562.36 crore between April 1 and January 31.
Among the listed insurers, ICICI Lombard posted a 3.85 percent YoY rise in premiums to Rs 11,951.35 crore in this period. New India Assurance on the other hand posted a 4.57 percent YoY growth in premiums to Rs 23,802.69 crore.
Moneycontrol had reported earlier how health has become one of the biggest segments in the non-life industry due to the coronavirus outbreak. Even as the virus situation has seen an improvement in India, health insurance leads the growth.