Weekly Insurance Round-up Tuesday, April 26, 2022
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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful!
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✴️ First-year premium of life insurers increase by 13% ⬆️
✴️ Health insurance premiums drive the growth of non-life industry 📈
✴️ Loop raises $25 Mn in Series B round 🤑
- As per the Business figures-life report released by IRDAI, the first-year premium of life insurance has increased by almost 13% for the fiscal year that ended on 31st March 2022, where the premium was ₹3,14,263 Crores.
- The first-year premium collected by life insurers for March 2022 was ₹59,608.98 Crores which was 37.29% higher than the first-year premium collected in March 2021 which was ₹43,416.69 Crores.
- The first-year premium of private insurers for the fiscal ended 31st March 2022 was ₹1,15,503.15 Crores which was 22.74% more than the first year premium collected in 2021 which was ₹94,103.42 Crores.
- For March 2022, the premium collected by private insurers was ₹17,289.76 Crores which was almost 13% more than the premium of ₹15,310.76 Crores collected in March 2021.
- LIC reported a premium growth of almost 7.92% where the premium increased to ₹1,98,759.85 Crores as compared to the ₹1,84,174.57 Crores in 2021.
Source: The Hindu
- The gross premium underwritten by non-life insurers increased by 11% in FY22 where the collected premium rose to ₹2,20,768.21 Crores from ₹1,98,714 Crores in FY21.
- The increase in health insurance premiums has been the main driver of this growth.
- The gross premium registered by health insurance in FY22 grew to ₹73,582.13 Crores which was 25.38% more than ₹58,684 Crores in FY21.
- Health insurance premiums for private general insurance companies saw a growth of 27.01%, where premiums increased from ₹16,181.59 Crores in FY21 to ₹20,552 Crores in FY22.
- Standalone insurers also registered a growth of 32.55% where the premium increased to ₹20,088.47 Crores in FY22 from ₹15,155.05 Crores in FY21.
- PSU general insurance premium increased by 20.44% - from ₹27347.51 Croes in FY21 to ₹32,936.91 Crores in FY22.
Sources: Business Standard | IRDAI report
- A Pune-based healthcare and insurance startup, Loop raised $25 Million in a Series B round that was co-led by General Catalyst and Elevation Capital (formerly Saif Partners).
- The funds raised by the startup will be used to increase its sales growth, product development, and strategic hiring, which in turn will help the company to scale its new health insurance delivery model to many across India.
- Loop was founded by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj in 2018. It provides group health insurance plans from prominent insurers to companies, bundled with an instant, virtual care experience.
Source: Business Standard
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