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Non-life direct premium crosses Rs 1.5 lakh crore in FY 18

Author: PTI/Friday, April 13, 2018/Categories: Insurance

Non-life direct premium crosses Rs 1.5 lakh crore in FY 18

Hyderabad - Gross direct premium of non-life insurers crossed Rs 1.5 lakh crore during the last financial year registering a growth of over 17% when compared to 2016-17, according to the statistics released by IRDAI.

During 2016-17, the gross direct premium of Non-life was Rs 1.28 lakh crore.

Standalone private health insurers' premium collection grew by 41.61% to Rs 8,296.43 crore in the last fiscal as against Rs 5,858.77 crore during 2016-17, Insurance Regulatory and Development Authority of India (IRDAI) figures said.

The gross premium of general insurers grew by nearly 17% to over 1.33 lakh crore. It was 1.14 lakh crore during 2016-17.

According to the data, New India Assurance enjoys over 15% market share with Rs 22,695 crore premium collection followed by United India Insurance with Rs 17,300.37 crore (market share 11. 48%).

Non-life insurance sector in India is likely to maintain its double digit growth over the next three to four years, aided by a higher economic expansion and increased household spending, a report by international rating and research agency Moody's had earlier said.

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