General insurers' underwriting losses up 6.3% in FY20: Irdai Annual Report

While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr

Underwriting losses of the general insurance industry were up 6.27 per cent to Rs 23,720 crore in FY20, from Rs 22,320 crore in FY19, according to data released by Insurance Regulatory and Development Authority’s (Irdai) in its Annual Report for 2019-20.

While state-owned insurers' underwriting losses rose 1.12 per cent to Rs 18,741 crore, private insurers saw their underwriting losses rise more than 26 per cent to Rs 3,647 crore. Similarly, standalone health insurers reported a 14 per cent rise in underwriting losses in FY20.

This is because net incurred claims of general and health insurers totaled to Rs 1.08 trillion, up