Healthcare segment fuels non-life insurers’ FY22 show

Business

Standalone private health insurers saw premiums increase by 32.5% to ₹20,880 crore

Standalone private health insurers saw premiums increase by 32.5% to ₹20,880 crore

Non-life insurers reported an 11% increase in direct insurance gross written premiums to over 2.2 lakh crore for the year ended March, a performance driven by continued demand for health insurance and a ‘good’ performance by standalone health insurers, showed data from the Indian Insurance Regulatory and Development Authority.

In a year largely dominated by the pandemic, including the devastating second wave, standalone private health insurers, part of the broader non-life segment, saw premiums rise 32.5% to £20,880.08 billion ($15,755.18 billion). .GBP). ).

Gross direct premiums written by general insurers during the year were 8.79% higher, totaling ₹1,84,775.17 billion. Non-life insurers accounted for almost 84% of the non-life market. However, flash figures of non-life insurers’ gross direct premiums written do not indicate how much of general insurers’ growth is attributable to their health portfolio.

Non-life direct gross premiums written in FY21 was more than ₹1.98 lakhcrore. In March 2022, the gross direct premium written by the non-life insurers was Rs. 21,591.50 crore (Rs. 19,477.96 crore).

The two specialist PSU insurers – ECGC and Agricultural Insurance Company of India – which are also part of the non-life insurance segment, reported premium growth of 14.2% to ₹14,979.47 billion.

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