Non-life insurance companies saw a 24% year-on-year increase in their total gross direct premium in May this year to 15,404.45 rupees, according to regulator Irdai on Friday.
Participants in non-life insurance registered a gross direct premium of Rs 12,423.98 in May 2021.
As for the break-up, 25 non-life insurers among 25 non-life insurers witnessed an increase of 24 per cent in gross direct premium in May 2022 to Rs 13,566.18, compared to Rs 10,954.18. rupees in the same month a year ago, insurance This shows the data of the Regulatory Authority of India (Irday).
The five independent private health insurance companies reported a 23.6% increase in gross premiums over the month by Rs 1,708.86 against Rs 1,382.71.
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PSU’s two specialist insurers reported a 48.6% jump in gross direct premium of Rs 129.42 in May this year, compared to RUR 87.09 a year ago.
Cumulatively, the gross direct premium of all non-life insurers in April-May of the current fiscal year increased by 22.8% to Rs 36,680.69. It amounted to 29,867.41 rupees in the same month a year ago.
