General insurance sector logs 21% premium growth in July: IRDAI


The Indian non-life insurance trade closed final month with 20.82 per cent premium development as in comparison with the earlier yr’s corresponding interval. According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore.

The development would have been greater however for the damaging premium development posted by Agricultural Insurance Company of India Ltd and ECGC Ltd.

Within the general trade, the standalone well being insurers had earned a premium of Rs 2,146.46 crore final month up from Rs 1,737.23 crore earned throughout July 2021.

The composite common insurers earned Rs 19,659.45 crore up from Rs 16,469.24 crore logged throughout July 2021.

All the 4 public sector firms have logged good premium development final month — The National Insurance Company Ltd (31.88 per cent), The New India Assurance Company Ltd (9.2 per cent), Oriental Insurance Company Ltd (52.44 per cent) and United India Insurance Company Ltd (27.82 per cent).

On the opposite hand, non-public sector main Bajaj Allianz General Insurance Company Ltd closed final month with a premium of Rs 2,495.36 crore down from Rs 2,659.36 crore earned in July 2021, stated IRDAI.

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