INSURANCE
Non-life insurance industry logs de-growth of 4.24% in Q1FY21: IRDAI
Jul-10-2020

Insurance Regulatory and Development Authority of India (IRDAI) has said that the non-life insurance industry has logged de-growth of 4.24 per cent during the first quarter of the current fiscal (Q1FY21). According to IRDAI, the non-life insurance industry-including stand-alone health insurers, Agricultural Insurance Company and ECGC - closed the first quarter with a premium of Rs 39,329.62 crore, down from Rs 41,072.14 crore earned during the previous year's corresponding period.

While the stand-alone health and specialised insurance segment posted positive growth of 15.76 per cent and 24.46 per cent respectively the composite insurers or general insurers posted a negative growth of 5.98 per cent for the first quarter of FY21.

Out of the total 25 players in the general insurance sector 17 players posted negative growth during the year under review. Among the government owned general insurers United India Insurance and The New India Assurance had positive growth while Oriental Insurance and National Insurance closed the first quarter with negative growth.

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