Non-life insurers' premiums up 5% in FY21 on huge contraction in motor biz

In March, premiums of non-life insurers went up by 23%

Gross premium underwritten by non-life insurers, which include general insurers, standalone health insurers, and specialised PSU insurers, in March grew by 23 per cent year-on-year (YoY) to Rs 19,298.85 crore from Rs 15,635.42 crore in the year-ago period. For the full year (FY21), however, the non-life insurers recorded a 5.2 per cent growth in premiums at Rs 1.98 trillion over Rs 1.88 trillion in FY20.

In March, general insurers, 25 in total, recorded a 15 per cent growth in premiums to Rs 15,683.39 crore from Rs 13,685.87 crore in the year-ago period while in FY21, they saw their premiums go