Page 25 - Insurance Times Janaury 2021

Table 2: Gross premium underwritten by general insurers for the months of June-
August 2020
(Rs. crores)
Period Fire Marine Engineering Motor Health Crop Insurance
(I) (II) (III) (IV) (V) (VI)
June'2020 1640.40 232.99 242.83 5257.91 4309.42 1066.12
June'2019 1117.31 244.45 190.22 5212.40 3958.79 1001.33
Growth 46.82% -4.69% 27.66% 0.87% 8.86% 6.47%

July'2020 1689.08 236.27 257.42 5037.50 4979.01 3407.93
July'2019 1266.38 307.99 238.83 5379.40 4218.01 1628.04
Growth 33.38% -23.29% 7.78% -6.36% 18.04% 109.33%

Aug'2020 1175.96 209.41 211.74 5204.43 4487.92 5306.17
Aug'2019 910.76 231.87 183.68 5316.73 3628.67 4770.97
Growth 29.12% -9.69% 15.28% -2.11% 23.68% 11.22%

Table 2 Contd...

Period Credit Aviation Liability Personal All Other Grand Total
Guarantee Accident Miscellaneous
(VII) (VIII) (IX) (X) (XI (I to XI)
June'2020 140.49 19.36 293.45 465.64 292.86 13961.49
June'2019 126.03 37.79 285.71 392.62 381.08 12947.75
Growth 11.47% -48.77% 2.71% 18.60% -23.15% 7.83%

July'2020 138.39 44.71 325.97 477.98 418.43 17012.69
July'2019 117.08 43.39 270.36 501.53 399.08 14370.10
Growth 18.21% 3.03% 20.57% -4.70% 4.85% 18.39%

Aug'2020 98.15 106.77 201.48 356.02 267.82 17625.86
Aug'2019 68.25 52.87 163.11 400.41 236.90 15964.22
Growth 43.81% 101.93% 23.52% -11.09% 13.05% 10.41%
(Source: IRDA)

Non-payment of renewal premiums in April-May 2020 period deferment/ time extension in premium collection allowed
had a major impact on general insurance premiums. The by government and regulators in the month of April 2020
situation improved in June 2020 except for marine, aviation which were subsequently received in May (partially) and
and miscellaneous segments. In the subsequent months of July June 2020.
and August 2020 increase in insurance premium in aviation
sector is observed due to resumption of airline services. Also people still prefer work from home wherever possible
and reduced leisure travelling. Improvement in marine
However, motor and personal accident segments in July and segment is still not visible due to restriction of cargo vessels
August 2020 have seen a decline from the level of June 2020 movement and global economic downturn added by Covid
due to lesser vehicles on road and the base effect due to restrictions imposed in certain countries.

The Insurance Times, January 2021 25