According to the Irdai's annual report, the non-life insurance industry's net incurred claims to net earned premium (claims ratio) was 82.52 percent in 2023-24, compared to 82.95 percent in the previous fiscal year.
According to the Insurance Regulatory and Development Authority of India's (Irdai) Annual Report 2023-24, the non-life insurance business in India paid a total direct premium of Rs 2.90 trillion in 2023-24, representing a 12.76 percent increase over the previous year.
The contribution of public sector general insurers increased by 8.88%, from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24. Private sector insurers, including independent health insurers, underwrote Rs 1.88 trillion, compared to Rs 1.58 trillion in 2022-23.
In 2023-24, the incurred claims ratio for private sector general insurers, standalone health insurers, and specialised insurers was 76.49 percent, 63.63 percent, and 66.58 percent, respectively, compared to the previous year's ratios of 75.13 percent, 61.44 percent, and 73.71 percent.
According to the data, the life insurance market paid total benefits of Rs 5.77 trillion in 2023-24, which accounted for 70.22 percent of the net premium.
The benefits paid on account of surrenders/withdrawals grew 15.29% to Rs 2.29 trillion in 2023-24, with public sector life insurers accounting for 58.36%.
The non-life insurance industry penetration stayed unchanged at 1% in 2023-24 compared to 2022-23.
There were 26 life insurers, 25 general insurers, eight freestanding health insurers, 12 reinsurers and overseas reinsurance branches, and two specialized insurers registered as of March 31, 2024.
