General insurance companies posted a 9.91% year-on-year (YoY) increase in gross written premium collection in the June quarter. Premium collection was at Rs 41,063.61 crore in the first quarter but saw a slump in growth due to poor auto sales.

Data from Insurance Regulatory and Development Authority of India (IRDAI) showed that the standalone health insurance companies had a higher rate of growth at 41.57% YoY growth at Rs 2,799.06 crore premium.

The gross premium earned by non-life insurance companies fell marginally to Rs 12,936.97 crore in June, according to data from IRDAI. The non-life insurers had a collective gross premium of Rs 12,970.66 crore in June 2018.

Of all the 34 players in the non-life insurance sector, 25 general insurers registered a marginal increase in premium collection at Rs 11,868.67 crore during the month, as per the data of Insurance Regulatory and Development Authority of India (IRDAI). These 25 companies had collected Rs 11,571.16 crore in June 2018 as premium income.

Two specialised PSU insurers - Agricultural Insurance Company of India and ECFC Ltd - together reported a plunge of 80 per cent in their collective premium income in June at Rs 141.04 crore. They had a collective premium of Rs 689.29 crore in June 2018.

The seven standalone private sector health insurers witnessed their collective premium income increase by 31 per cent during the month at Rs 927.25 crore, as against Rs 710.21 crore a year ago.

With respect to the listed entities, the country's largest insurer New India Assurance collected gross premium of Rs 7,138.78 crore in the June quarter, showing a 13.62% YoY growth. ICICI Lombard General Insurance had a 7.6% YoY drop in its premium collection to Rs 3,486.87 crore in Q1.

On one hand, general insurers' premium numbers have been dwindling, while on the other hand life insurers have seen a double-digit growth in premiums. Life insurance companies clocked 65% year-on-year (YoY) growth in the first year premiums in Q1.