Non-life Insurers

Unlisted life players may rack up a commission war to gain market share

Non-life insurers registered a 12 per cent yearly growth in their gross direct premium income during August this fiscal at Rs 24,471.95 crore, data from insurance sector regulator Irdai showed. In the same month a year ago, all the 31 non-life insurance companies in the domestic market had garnered a gross premium income of Rs 21,867.93 crore. According to the data provided by the Insurance Regulatory and Development Authority of India (Irdai), a total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period. The five standalone health insurance providers reported a jump of 28 per cent in their gross direct premium income during the month at Rs 2,059.38 crore. The figure stood at Rs 1,609.75 crore in August 2021. The rest two specialised public sector insurers in the non-life space witnessed a 15.2 per cent rise in their combined premium income in Augus

In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

The non-life insurance companies had a gross premium business worth Rs 17,251.10 crore in April 2021

ICICI Lombard leads pack among private players, with 28% growth

Recent data suggests that non-life insurers have settled more than 2.75 million Covid health claims

The 31 non-life insurance companies had written premiums worth Rs 14,919.43 crore in November 2020

While these monsoon-related ailments spike every year, this year the claims have been higher

In the April-July period of FY22, the health portfolio has grown 34.2 per cent, which is significantly higher than the 9.9 per cent growth seen in the same period last year

In July, non-life insurers - 33 in total - earned premiums to the tune of Rs 20,171.15 crore, against Rs 16,885 crore in the same month last year

Uncertainty on the personal and financial health of the public arising from the pandemic and its ripple effects on general insurance industry will stay longer because the loss of livelihoods

Sequentially, the premium income of non-life insurers was up 20 per cent, after a slump of 28 per cent in May

Month-on-month, premium income declines 28.84% from April levels

In March, premiums of non-life insurers went up by 23%

It is going to be a relay strike by unions in the public sector financial services sector domain

Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively

This comes after a double-digit growth in premiums in December and low single-digit growth in November, preceded by contraction in September and October

In the April-December period of FY21, the general insurers' premium totalled Rs 1.25 trillion, up 1.14 per cent over last year