Health segment perks up non-life insurers’ FY22 show

Standalone private health insurers saw a 32.5% rise in premium to ₹20,880 crore

Non-life insurers clocked an 11% increase in gross direct premium underwritten to more than ₹2.2 lakh crore for the financial year ended March, a performance that came on the back of continued demand for health cover and a ‘good’ show by standalone health insurers, data from the Insurance Regulatory and Development Authority of India showed.

A year marked for the most part by the pandemic, including the devastating second wave, it had standalone private health insurers, a part of the overall non-life segment, clocking a 32.5% increase in the premium to ₹20,880.08 crore (₹15,755.18 crore).

Gross direct premium underwritten by general insurers during the fiscal was 8.79% higher at ₹1,84,775.17 crore . General insurers totally accounted for almost 84% of the non-life market. Flash figures, of the gross direct premium underwritten by non-life insurers, however, did not specify how much of the growth of general insurers was on account of their health portfolio.

Non-life insurers’ gross direct premium underwritten during FY21 was more than ₹1.98 lakh crore. In March 2022, the gross direct premium underwritten by the non-life insurers was Rs.21,591.50 crore (Rs.19,477.96 crore).

The two specialised PSU insurers - ECGC and Agricultural Insurance Company of India - who also form part of the non-life insurance segment, reported a 14.2% increase in the premium to ₹14,979.47 crore .