Weekly Insurance Round-up Tuesday, September 27, 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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✴️ 12% rise in gross direct premium income registered by Non-Life insurers ⬆️
✴️ Religare to raise ₹300 Cr for insurance business 💰
✴️ Zopper raises $75 million in Series C funding 🤑
- As per the Business Figures - Non-Life insurance report released by IRDAI, Non-Life insurers have reported a growth of 12% in their gross direct premium income in August this year.
- The gross direct premium collected in August 2022 was ₹24,471.95 Cr as compared to ₹21,867.93 Cr, the gross direct premium collected in August 2021.
- Private insurance companies also registered a growth of 9.28% where the gross direct premium in August 2022 increased to ₹ 17,101.75 Cr from ₹15,648.63 Cr in August 2021.
- Standalone private insurers also saw an increase in their gross direct premium where the premium collected increased by 9.28% to ₹2,059.38 Cr from ₹1,609.75 Cr.
- The two specialised PSU insurers also witnessed an increase of 15.21% in their gross direct premium where the premium collected increased from ₹4,609.55/- to ₹5,310.82/- Cr.
- On a cumulative basis, all 31 insurers' gross direct premium income during the period of April-August 2022-23 rose by 18.57% to ₹1,02,357.29 Cr from ₹86,329.09 Cr. in the same period of 2021-22
Source: The Economic Times
- Religare enterprises will be raising ₹300 Cr through a rights issue to grow its health insurance business.
- Earlier in July 2021, the company had raised ₹570 Cr through a preferential issue and the funds were invested in various verticals to grow its broking and housing business.
- Rashmi Saluja, Executive chairperson, said that they hate building a war chest to finance the growth of all subsidiaries, including health insurance and will raise more funds before the end of this year.
Source: Business Standard
- Zopper, an insuretech startup, has raised $75 million in series C funding that was led by Creaegis.
- The round also saw participation from ICICI Venture and Bessemer Venture Partners.
- These funds will be used to strengthen the company’s technology team to help its ecosystem partners distribute insurance technologically in a seamless way.
- Zopper is a B2B2C company that works with more than 150 partners. The firm sells around 3.5 lakh policies per month and operates in roughly 1,200 cities.
- The firm notably reached $100 million in annualised premiums in March this year and it intends to reach $500 million in annualised premiums in March 2024 and $1 billion by FY 2026.
Source: Business Standard
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