Gross premium of insurance companies up 7.3 percent to Rs 18,953 crore in December

Gross Premium of Companies: The gross direct written premium of general insurance companies increased by 7.3 per cent to Rs 18,953.09 crore in December, 2021. Releasing the December data on Monday, the insurance sector regulator IRDAI said that a year ago in December, 2020, the gross premium of general insurance companies stood at Rs 17,662.32 crore.

IRDA gave information
According to the Insurance Regulatory and Development Authority of India (IRDA), the gross premium of 24 general insurance companies operating in the country stood at Rs 16,109.62 crore in December, 2021, an increase of 4.2 per cent from Rs 15,463.51 crore in the year-ago period.

release report
According to the report, the gross premium of five single health insurance companies stood at Rs 1,740.15 crore in December, 2021, which is 31.3 percent higher than Rs 1,325.03 crore in December, 2020. The gross premiums of two specialized public sector insurance companies Agricultural Insurance Company of India and ECGC Ltd saw a jump of 26.3 per cent in the last month. It increased to Rs 1,103.33 crore from Rs 873.78 crore a year ago.

Gross premium of 31 companies
The combined gross premium of all 31 companies in the general insurance sector during April-December, 2021 stood at Rs 1,61,081.60 crore. This is 11.18 per cent higher than Rs 1,44,879.54 crore in the same period a year ago.

condition of private companies
Among private insurers, HDFC Standard Life’s new premium income grew 55.67 per cent to Rs 2,973.74 crore. SBI Life’s new premium income grew 26.72 per cent to Rs 2,943.09 crore. However, ICICI Prudential Life’s new premium income fell by 6.02 per cent to Rs 1,380.93 crore as compared to December 2020. Similarly, the new premium income of Kotak Mahindra Life, Aegon Life, Future Generali has also come down.

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