India's non-life insurers premiums surges 13% in FY 23-24

Health insurance remained the largest segment with a 40.29% share.

India's non-life insurance industry underwrote a total direct premium of ₹2.90 lakh crore from 2023 to 2024 (FY 23-24), reflecting a 12.76% jump year-on-year (YoY), according to the Insurance Regulatory and Development Authority's latest annual report.

Public sector general insurers contributed ₹90,252 crore, up 8.88% YoY. 

Private sector insurers, including standalone health insurers, underwrote ₹1.88 lakh crore, compared to ₹1.58 lakh crore the previous year. 

All 24 private insurers in operation during FY 23-24 reported an increase in premiums. Specialised insurers recorded a gross direct premium of ₹11,211 crore.  

Public sector general insurers held a 35.03% market share, whilst private sector general insurers accounted for 64.97%. 

Three public sector insurers, excluding United India Insurance, underwrote ₹3,939 crore in premiums outside India, marking a 14.72% increase from ₹3,434 crore in 2022-23.  

Health insurance remained the largest segment, contributing 40.29% of total premiums, up from 38.02% the previous year. 

The segment grew by 19.50% YoY. The motor insurance segment grew 12.91%, with premiums reaching ₹91,780 crore in FY 23-24, up from ₹81,280 crore. 

Its market share increased slightly to 31.68% from 31.64%. Premium collection in the fire segment rose 7.27%, whilst the marine segment saw a 0.65% increase.