Growing demand for medical insurance, evident because the pandemic started final 12 months, performed a task in non-life insurers posting greater than 22% year-on-year rise in gross direct premium underwritten to ₹17,310 crore in April.
Among them, standalone non-public well being insurers posted a 55.6% improve to ₹1,259.2 crore, in response to flash figures launched by insurance coverage regulator IRDAI.
General insurers, for whom too medical insurance is the mainstay, reported a 19.6% rise to ₹15,946.5 crore. With the inclusion of the 2 specialised PSU insurers, the non-life insurers gross premium underwritten rose 22%.
On the life insurance coverage entrance, the primary 12 months premium mobilised by the non-public insurers elevated 55.2% to₹4,882 crore. Their market share stood at 50%, the enterprise assertion for April launched by IRDAI stated.
Behemoth and State-owned Life Insurance Corporation of India (LIC) posted a 35.6% improve in first premium earnings to ₹4,856.8 crore.