HYDERABAD: Non-life insurance companies earned a premium income of Rs 14,378 crore in July, up nearly 23 per cent over last year, according to latest data from the Insurance Regulatory and Development Authority of India. The 34 non-life insurance firms together collected a premium of Rs 11,715 crore in July last year.
Of these, 25 general insurers saw a jump of 14 per cent in their collective premium last month at Rs 12,276 crore as against Rs 10,782 crore a year before.
DHFL General Insurance, whose parent company is mired in financial crisis, suffered 57 per cent de-growth — the single largest decline among all insurers. However, players like Acko General Insurance and Go Digit General Insurance saw their businesses grow sevenfold and twofold respectively. While private general insurers registered robust double digit growth, the businesses of state-run Oriental Insurance and United India Insurance grew in single digits. New India Assurance clocked a respectable 14 per cent growth.
Meanwhile, the seven standalone private sector health insurers witnessed 44 per cent jump to Rs 1,117 crore, from Rs 777 crore premium collected a year ago.
The remaining two specialised PSU insurers — Agricultural Insurance Company of India and ECGC — saw their combined premium income soar more than six times to Rs 986 crore. On a cumulative basis, the total premium during April-July period of FY20 increased 12 per cent to Rs 55,450 crore.