search icon
linner
26 Apr, 2022 | Weekly

Weekly Insurance Round-up Tuesday, April 26, 2022

Team Beshak
By Team Beshak
We breathe insurance :)
😐 1
Not so great
😃 1
It’s helpful
🤩 3
It’s perfect!
aritcal-image

Hello there! 👋

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! 

Let's get started! 🚀


What's inside? 🧐

✴️ 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 🤑


First-year premium of life insurers increase by 13% ⬆️

  • 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

Go to Top 🆙

Health insurance premiums drive the growth of non-life industry 📈

  • 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

Go to Top 🆙

Loop raises $25 Mn in Series B round 🤑

  • 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

Go to Top 🆙


We need your feedback 🙏

Love it? Hit the 'It's perfect' button below! Have a suggestion to improve our content? Please leave us a comment. We absolutely appreciate it! 

Be the first to get this weekly news analysis, on your phone. Join the exclusive Telegram Channel for Financial Advisors 👉 t.me/beshakforadvisors 

Team Beshak
Written by,
Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to info@beshak.org

0 Comments
TAGS:
Term Life Insurance
Health Insurance
Purchase
RELATED ARTICLES
Image
Weekly
Weekly Insurance Round-up Tuesday, April 19, 2022
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, April 5, 2022
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, March 15, 2022
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, March 29, 2022
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, March 22, 2022
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, April 12, 2022
by Team Beshak