General insurance companies see 11.3% growth in gross premium in May 2021

General insurance companies saw a 11.3 percent year-on-year (YoY) growth in the gross direct premium for May 2021 at Rs 12,316.50 crore.

Among listed insurers, New India Assurance collected premiums of Rs 2,207.78 crore in May, showing a YoY growth of 21.2 percent. ICICI Lombard collected premiums of Rs 934.09 crore, showing a YoY growth of 6 percent.

In April 2021 too, general insurers had seen a double-digit growth. These insurers saw a 22 percent YoY rise in gross premiums to Rs 17,309.54 crore in April 2021 on the back of a strong demand for heath insurance.

As seen in previous months, standalone health insurers continued to see a higher-than-industry growth in May 2021. Data showed that standalone health insurers collected gross direct premiums of Rs 1,406.04 crore in May, showing a YoY growth of 66.6 percent.

Ever since the COVID-19 pandemic broke out in March 2020, there has been a rise in demand for health insurance product. Standalone health insurers who specialise in this segment have gained.

Source: Money Control