Health insurers set pace for May non-life gross direct premium
The Hindu
General insurers saw a 14.89% increase in gross direct premium, with standalone health insurers leading the growth trend.
General insurers reported 14.89% increase in gross direct premium underwritten to ₹20,907.51 crore in May compared to ₹18,197.6 crore in the year earlier period on the back of standalone health insurance companies continuing to perform better than the non-life segment growth.
Without including the numbers of specialised insurers Agriculture Insurance Co. of India and ECGC who posted a 48.20% decline in the premium to ₹85.22 crore (₹164.52 crore), the general insurers gross direct premium was 15.47% more at ₹20,822.29 crore (₹18,033.08 crore), according to the flash figures released by the General Insurance Council.
The gross direct premium of the five standalone health insurers rose 26.24% to ₹2,651.65 crore (₹2,100.48 crore), in line with a pattern seen for several months now.
For the first two months of the fiscal, gross direct premium of the general insurers, including the specialised insurers was 15.46% more at ₹50,586.7 crore (₹43,813.74 crore). The share of standalone health insurers stood at ₹5,294.61 crore (₹4,184.86 crore), an increase of 26.52%. The two specialised insurers’ gross direct premium was 42.08% lower at ₹202.39 crore (₹349.44 crore).
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