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Indian non-life insurers log Rs 19,876.44 crore premium in Feb

Chennai : The Indian non-life insurance industry, including health and specialised insurers, earned a gross premium of Rs 19,876.44 crore in February 2023 as against Rs 16,558.94 crore earned during the corresponding period last year, said the General Insurance Council of India.

As regards the break-up between the different industry segments, the Council said that last month the four government-owned general insurers had earned a premium of Rs 5,816.44 crore (Rs 5,393.40 crore in February 2022) while the private sector players earned Rs 10,567.25 crore (Rs 8,780.85 crore).

The insurers who had logged negative growth last month were ICICI Lombard General Insurance (-5.47 per cent), Go Digit General Insurance Ltd (-6.96 per cent), Navi General Insurance Company Ltd (-71.95 per cent), Raheja QBE General Insurance Co Ltd (-59.16 per cent) and the government-owned National Insurance Company Ltd (-2.85 per cent).

The five standalone health insurers logged a premium of Rs 2,319.77 crore against Rs 1,828.92 crore last February.

On the other hand, the two specialised insurers – ECGC Ltd and Agriculture Insurance Company of India Ltd – earned Rs 1,172.98 crore (Rs 555.77 crore) last month.

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