Gross direct premium underwritten by non-life players rises 18% in July

The gross direct premium underwritten by general insurance companies for the month of July 2020 increased by 18% at Rs 17,011.39 crore as compared to Rs 14,369.51 crore in July 2019. Even the gross premiums underwritten by general insurance players till July 2020 inched up 1.62% to Rs 56,340 crore as against Rs 55,442 crore in the same period last year.

Of the total Rs 17,011.39 crore gross direct premium underwritten in the month of July 2020, the 25 general insurance companies accounted for Rs 13,862 crore (Rs 12,277.04 crore in July 2019), whereas the six standalone private health insurers accounted for Rs 1,573.96 crore (Rs 1,116.86 crore in July 2019).

Among the general insurance players, Bajaj Allianz General Insurance Company Limited accounted for Rs 2,003.83 crore, ICICI Lombard General Insurance Company Limited Rs 1,089.07 crore and The New India Assurance Company Limited Rs 1,993.61 crore.

In June 2020, the gross direct premiums underwritten by non-life players had increased 7.83% to Rs 13,961.25 crore from Rs 12,947.89 crore in June 2019. However, the gross premiums underwritten by general insurance players had declined by 4.24% in the first quarter ended June 30, 2020 as compared to Rs 41,072.14 crore in the corresponding period of the last financial year.

Sandip Ginodia , CEO

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