The Indian non-life insurance industry closed last month with 20.82 per cent premium growth as compared to the previous year’s corresponding period. According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore.
The growth would have been higher but for the negative premium growth posted by Agricultural Insurance Company of India Ltd and ECGC Ltd. Within the overall industry, the standalone health insurers had earned a premium of Rs 2,146.46 crore last month up from Rs 1,737.23 crore earned during July 2021. The composite general insurers earned Rs 19,659.45 crore up from Rs 16,469.24 crore logged during July 2021.
All the four public sector companies have logged good premium growth last month — The National Insurance Company Ltd (31.88 per cent), The New India Assurance Company Ltd (9.2 per cent), Oriental Insurance Company Ltd (52.44 per cent) and United India Insurance Company Ltd (27.82 per cent).
On the other hand, private sector major Bajaj Allianz General Insurance Company Ltd closed last month with a premium of Rs 2,495.36 crore down from Rs 2,659.36 crore earned in July 2021, said IRDAI.