According to data released by the General Insurance Council (GIC), the General Insurance industry experienced a growth of 12.78% in the Fiscal Year 2023-24 (FY24) reaching their Gross direct premium underwritten to Rs 2,89,731 crore from Rs 2,56,894 crore in FY23.
- Premiums of general insurers grew by 14.24% Year-on-Year (Y-o-Y) to Rs 2.45 trillion in FY24.
- But, FY24 growth is lower than when compared with 16% achieved in FY23.
Note: The General Insurance Players include 25 Non-Life Companies, 5 Standalone health firms, and 2 specialized players.
Highlights:
i.In March 2024, gross direct premium of general insurance companies grew by 9.64% Y-o-Y to Rs 21,422.06 crore.
ii.Public sector general insurers held 31.18% of the overall market share in FY24, down from 32.27% in FY23, while private insurers’ market share increased to 53.52%.
iii.Gross premium of 25 non-life insurance companies grew by about 14% in FY24 to Rs 2,45,424 crore, and standalone health insurers saw a 26% growth to Rs 33,116 crore.
- Two specialized insurers viz. Agriculture Insurance Co of India Ltd and ECGC Ltd reported a decline of 29% at Rs 11,190 crore in FY24 (Rs 15,817 crore in FY23).
iv.The non-life industry was primarily driven by health and motor insurance segments, although there was a marginal decrease in liability, crop insurance, and marine cargo.
Key Points:
i.Public sector general insurers saw a 8.99% growth in premium to Rs 90,344.49 crore, while private sector counterparts witnessed a 17.53% increase to Rs 1.55 trillion.
ii.The New India Assurance Company registered a 7.4% year-on-year growth in premium to Rs 37,035.19 crore.
iii.Leading private sector players like ICICI Lombard General Insurance and Bajaj Allianz General Insurance experienced significant premium growth of 17.84% and 33.49% respectively.
iv.HDFC Ergo General Insurance’s premium increased by 11.61% to Rs 18,567.56 crore, and United India Insurance Company saw a surge of 12.51% to Rs 19,851.71 crore in FY24.
Recent Related News:
i.Manik Saha, Chief Minister(CM) of Tripura, launched the CM Jan Arogya Yojana (CMJAY), a universal health insurance scheme for all. With this launch, Tripura became the first Northeastern state to launch a universal health cover.
ii.The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines mandating general and health insurance companies to cover Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa and Homoeopathy (AYUSH) treatments in their health insurance policies with effect from 1st April 2024.
About General Insurance Council (GIC):
It has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI).
Chairman– Tapan Singhel
Headquarters– Mumbai, Maharashtra
Tagline– Together We serve
