Non-life insurers post 11% rise in gross direct premium to Rs 2.21 lakh crore in FY22

Non-life insurers post 11% rise in gross direct premium to Rs 2.21 lakh crore in FY22: Non-life insurance companies posted an 11 percent rise in gross direct premium on a collective basis to Rs 2,20,634.73 crore in FY22, Irdai data showed on Monday. All the 31 non-life insurance players had underwritten a gross direct premium of Rs 1,98,714.72 crore in 2020-21.

In a break-up of data by the Insurance Regulatory and Development Authority of India (Irdai), 24 general insurance companies registered an 8.79 percent increase in their combined gross direct premium during 2021-22 at Rs 1,84,775.17 crore against Rs 1,69,844.68 crore in the previous fiscal.

Five standalone private sector health insurance companies witnessed a 32.53 percent jump in their gross direct premium income in FY22 to Rs 20,880.08 crore against Rs 15,755.18 crore a year ago, according to the Irdai data.

The two specialized PSU insurers — Agricultural Insurance Company of India Ltd and ECGC Ltd– posted a 14.22 percent rise in their collective gross premium to Rs 14,979.47 crore compared to Rs 13,114.85 crore in FY21.

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