New Delhi:
Non-life insurance firms registered a 20 per cent growth in their gross direct premium at Rs 11,714.87 crore in July 2018, according to the data by Insurance Regulatory and Development Authority of India (Irdai).
The gross premium collection of all the 33 non-life insurers rose by 14 per cent to Rs 49,067.47 crore in April-June 2018-19 compared to Rs 43,076.26 crore in the same period of 2017-18, according to the Irdai data.
The 33 non-life insurance companies had underwritten a gross premium of Rs 9,790.07 crore in the same month last year.
Of these, 25 general insurers witnessed a rise of 23 per cent in premium collection at Rs 10,782.37 crore during the month as against Rs 8,800.85 crore in the same period year ago, according to Irdai.
Premium collection of six stand-alone private health insurers soared by 41 per cent to Rs 776.80 crore in July 2018 from Rs 551.82 crore in July 2017.
The rest of the two specialised PSU insurers had a combined gross premium of Rs 155.70 crore during the month, down 64.4 per cent from Rs 437.40 crore year ago.
AV Girija Kumar, CMD, Oriental Insurance Company, said that GST was introduced in July last year. So, up to June, the growth of the industry was nominal.
Last year, those renewals, which were supposed to take place in July, happened in June itself, a month in advance, so as to avail old existing rates.