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Indian non-life industry overgrew by Rs 814 crore in February 2022

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Indian general insurance industry closed February 2022, with a gross premium of Rs 16,560.99 crore, up by Rs 814 crore over the corresponding period last year.

According to the Insurance Regulatory and Development Authority of India (IRDAI), general insurers booked a total premium of Rs 16,560.99 crore last month as against Rs 15,746.99 crore earned in February 2021.

During the period under review, the 25 member composite non-life insurers had earned Rs 14,173.59 crore as against Rs 13,158.86 crore earned in February 2021.

Industry leader and government owned New India Assurance Company Ltd earned Rs 2,245.03 crore.

While government-owned The Oriental Insurance Company Ltd had a marginal growth, United India Insurance Company Ltd and National Insurance Company Ltd registered negative growth during the period under review.

The five stand alone health insurers had earned Rs 1,831.63 crore up from Rs 1,406.32 crore premium last month with Star Health & Allied Insurance Company Ltd leading the pack earning Rs 1,025.70 crore.

The two specialised insurers - ECGC Ltd and Agricultural Insurance Company of India Ltd - logged negative growth while earning Rs 555.77 crore last month down from Rs 1,181.80 crore earned during February 2021.

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