Non-life insurance sector posts 4.24% negative growth in Q1

The non-life insurance industry has logged a degrowth of 4.24 per cent during the first quarter of the current fiscal, said the sectoral regulator on Thursday.

According to Insurance Regulatory and Development Authority of India (IRDAI), the non-life insurance industry-including stand alone health insurers, Agricultural Insurance Company and ECGC - closed the first quarter with a premium of Rs.39,329.62 crore, down from Rs.41,072.14 crore earned during the previous year's corresponding period.

While the stand-alone health and specialised insurance segment posted positive growth of 15.76 per cent and 24.46 per cent respectively the composite insurers or general insurers posted a negative growth of 5.98 per cent for the first quarter of FY21.

Out of the total 25 players in the general insurance sector 17 players posted negative growth during the year under review.

Among the government owned general insurers United India Insurance and The New India Assurance had positive growth while Oriental Insurance and National Insurance closed the first quarter with negative growth.