Non-life insurers register 12% rise in FY20 premium at Rs 1.89 lakh crore

Non-life insurance companies registered 11.6 per cent rise in their collective premium collection at Rs 1.89 lakh crore during 2019-20, according to data from Irdai.

All 34 non-life insurers had registered total premium collection of Rs 1.69 lakh crore in the preceding fiscal ended March 2019.

Of the total players in the non-life space, 25 general insurers saw a rise of 9.50 per cent in total premium earnings at Rs 1.64 lakh crore in 2019-20 as compared to Rs 1.49 lakh crore in the previous fiscal, according to the Insurance Regulatory and Development Authority of India (Irdai).

These 25 players accounted for 86.8 per cent market share.

The seven standalone private sector health insurers reported 26.9 per cent jump in premium collection at Rs 14,409.98 crore last fiscal as against Rs 11,354.01 crore in 2018-19.

The two specialised PSU insurers- Agricultural Insurance Company of India and ECGC - witnessed 30.24 per cent jump in combined premium income at Rs 10,612.78 crore from Rs 8,148 crore in 2018-19.

While ECGC reported a decline of 13.81 per cent in premium collection in 2019-20, Agricultural Insurance Company had a jump of 38.21 per cent in collection.

The private sector players constituted over 7.6 per cent market share and the rest by the two PSU insures.