Overall Performance
1. Gross Direct Premium (Within India):
- The gross premium grew by 76%, from Rs.2,56,894 crore in 2022-23 to Rs.2,89,683 crore in 2023-24.
- Public sector insurers showed modest growth at 88%, while private sector insurers and standalone health insurers (SAHI) recorded higher growth rates of 17.55%and 26.20%,respectively.
- Specialized insurers saw a decline in premium collection by 12%, impacting the overall industry growth.
2. Gross Direct Premium (Including Outside India):
- Including outside India, the total premium grew by 79%,reaching Rs.2,93,622 crore in 2023-24, reflecting consistent growth both domestically and internationally.
Segment-Wise Premium Analysis
1. Health Insurance:
- The health segment remains the largest, contributing 29%of total premium, up from 38.02%in the previous year.
- Health insurance premiums grew by 50%in 2023-24, indicating continued demand in this sector.
2. Motor Insurance:
- The motor insurance segment saw a 91%growth, with premiums increasing from Rs.81,280 crore to Rs.91,780 crore.
- Its share in the total premium marginally increased to 68%(31.64% in 2022-23), maintaining its position as a key contributor.
3. Fire and Marine Insurance:
- Fire insurance premiums grew by 27%,while marine insurance grew marginally by 0.65%.
- These segments have shown slower growth compared to health and motor insurance.
4. Other Segments:
- Premium collection in “others” increased from Rs.48,955 crore to Rs.50,440 crore, showing steady growth.
Policies Issued
- The total number of policies issued increased by 32%,from 301.81 lakh in 2022-23 to 335.98 lakh in 2023-24.
- Public and private sector insurers contributed significantly, with private sector policies showing a robust 94%growth.
Net Incurred Claims
1. Overall Claims:
- Net incurred claims rose by 4%,from Rs.1,49,312 crore to Rs.1,72,290 crore, indicating higher payouts in 2023-24.
2. Health Insurance:
- Health insurance claims increased substantially, reflecting the growing utilization of health policies.
3. Public vs. Private Sector:
- Public sector insurers recorded higher claims growth, while private insurers also saw a notable increase.
Trends and Insights
1. Growth Leaders:
- Health and motor insurance are driving the growth of the general insurance sector.
- Private sector insurers and SAHI are outperforming public sector insurers in terms of growth rates.
1. Challenges:
- Specialized insurers have seen a sharp decline in premium collections, which could indicate a need for strategy realignment.
2. Opportunities:
- With increasing awareness and demand, the health insurance segment offers significant potential for expansion.
- Motor insurance continues to grow, driven by increasing vehicle penetration and regulatory mandates.
This analysis highlights the robust growth in key segments like health and motor insurance, with private sector insurers leading the way. However, challenges in specialized segments and the rising trend in net incurred claims need attention for sustainable growth.
