Gross direct premiums underwritten by non-life insurers up 16%

The month-on-month increase for May stood at 16% for entire non-life insurance industry

Non-life insurers have seen a substantial rise in gross direct premiums underwritten in the first two months of FY18 by almost 16 per cent from the corresponding period in FY17. While private players in the market had a 24.52 per cent increase in direct premiums underwritten, government owned insurers saw an 8.52 per cent rise.

Gross premiums underwritten means the insurers guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such a guarantee. The month-on-month (m-o-m) increase for May stood at 16 per cent for the entire non-life insurance industry. While