May shows a rise in gross direct premium for the non-life insurers
Six private sector health insurance companies registered a growth in their gross premiums of 66.6 per cent in the month of May. Data from IRDAI showed that the non-life insurers showed an increase in their gross direct premium in the month of May to Rs 12,316.50 crore in May 2021, which is an 11.4 per cent increase on a yearly basis.
As per the same IRDAI data, out of 32 non-life insurers, 25 companies in the general insurance sector registered an increase in their premium of about 7.2 per cent in a year from May 2020 being 10,098.30 crores to May 2021 being 10,822.77 crores.
Not only that but the six standalone health insurance companies in the private sector also registered a jump in their gross premium from Rs 844.13 crore earlier to 1,406.64 crores in May 2021, which is about 66.6 per cent of the increase. As an aggregate figure, the gross direct premium of the non-life insurance companies grew by 17.5 per cent in the same period of the previous fiscal which is from Rs 25,212.55 crore to Rs 29,626 crore in April-May 2021-22.