Covid-19 impact: Non-Life insurance premiums fall more than 10% in April

Claims have also not risen sharply both in motor and health, giving some respite to insurance companies


Among public sector insurers, New India Assurance, the largest state-owned general insurer, posted a positive growth of 7 per cent in premiums earned

Subrata Panda Mumbai
Non-life insurers reported an over 10 per cent decline in premiums earned, for the second consecutive month. This was on the back of the disruption due to the lockdown.

In April, non-life insurers saw premium collection fall 10.6 per cent to Rs 14,206 crore, from Rs 15,891 crore in the same period last year. This includes private sector, state-owned, specialised, and stand-alone health insurers.

While private sector players recorded a steeper decline of 16.18 per cent in monthly premium collection, their public sector counterparts posted a 5.68 per cent fall. In absolute numbers, private ones earned Rs 6,722 crore in premiums in April, while public sector ones recorded Rs 6,559 crore. Private insurers reported a market share of 50.74 per cent, while

First Published: May 15 2020 | 3:07 PM IST

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