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Covid-19 impact: Non-Life insurance companies' premiums fall more than 10% in April
16-May-20   09:59 Hrs IST

Non-life insurers reported an over 10% 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% 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% in monthly premium collection, their public sector counterparts posted a 5.68% 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%, while the four state-owned insurers comprised 44% of the non-life market.

Among public sector ones, New India Assurance - the largest state-owned general insurer recorded positive growth of 7% in premiums earned.

National Insurance and Oriental Insurance were in the red, while United India Insurance recorded flat growth.

Among private insurers - barring a few like Go Digit, Future Generali, and Universal Sompo that recorded positive growth - all major insurers were in the red as far as premiums were concerned. ICICI Lombard saw premium collection contract 9%, Bajaj Allianz 21%, HDFC Ergo 16% and Reliance General 8%.

The stand-alone health insurers - seven in all - reported 7% growth in premiums earned in April to Rs 888 crore, from Rs 831 crore. Specialised public sector insurers saw premiums decline by 57% to Rs 36.74 crore, from Rs 85.27 crore.
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