Non-life insurers see positive premium growth in June but Q1 sees 4% drop

Standalone private health insurers reported an impressive 42 per cent growth in premiums in June, and 15 per cent growth for the quarter

After witnessing a drop in premiums for two consecutive months in April and May, non-life insurers have seen positive growth of 7.82 per cent in gross premiums in June. But the first quarter (Q1) of the current financial year (2020-21, or FY21) saw premiums of non-life insurers decline 4.24 per cent year-on-year (YoY) owing to the lockdown.

In June, non-life insurers — general insurers, standalone health insurers, and specialised public sector (PSU) insurers — recorded gross premiums to the tune of Rs 13,961.25 crore, compared to Rs 12,947.89 crore last year in the same month. In Q1FY21 though, premiums collected by