Gross direct premium of non-life insurance companies rises 11.4% in May: Irdai

The Insurance Regulatory and Development Authority of India (Irdai) in its latest data has showed that gross direct premium of non-life insurance companies rose 11.4 per cent on a yearly basis to Rs 12,316.50 crore in May 2021. All the 32 non-life insurers' gross direct premium stood at Rs 11,061.02 crore in May 2020.

As per the data, among these, the 25 players in the general insurance sector registered nearly 7.2 per cent growth in premium collection during the month at Rs 10,822.77 crore as against Rs 10,098.30 crore in the year-ago period. The six standalone private sector health insurance companies registered a jump of 66.6 per cent in their gross premium at Rs 1,406.64 crore in May 2021, as against Rs 844.13 crore earlier.

The Irdai data showed that on a cumulative basis, the gross direct premium of all the non-life insurance companies grew by 17.5 per cent to Rs 29,626 crore in April-May 2021-22, as against Rs 25,212.55 crore in the same period of the previous fiscal.