, India
/Karthik Chandran from Unsplash

India’s non-life premiums see double-digit growth in FY’24

The industry is projected to grow 13% to 15% in the medium term.

In fiscal year 2024 (FY’24), the non-life insurance industry in India saw a premium of Rs2.9 lakh crore, growing at 12.8%. This growth, however, was narrower than the 16.3% seen in 2023.

It was primarily driven by health and motor insurance, though there was a decline in liability, crop insurance, and credit guarantee.

Public sector general insurers saw a March 2024 rise of 9.9%, while private sector insurers reported a growth of 9.5%. 

Specialised insurers experienced a drop, largely due to reduced crop insurance premiums. Standalone Private Health Insurers (SAHI) continued their growth momentum.

Private non-life insurance companies increased their market share to 65% in FY'24. 

ALSO READ: India’s non-life insurance premiums record slower growth in February

Health insurance premiums remained the primary growth driver, increasing the segment’s market share to 37.6% for FY'24.

Excluding health, non-life insurance industry growth reduced to 8.7% in FY'24. 

Motor insurance accounted for approximately 50% of this growth, with Motor OD growing faster than Motor TP. 

The automotive industry's robust growth and rising premiumisation contributed to this growth.

Looking ahead, the Indian non-life insurance market is estimated to grow at a rate of approximately 13% to 15% in the medium term, driven by health and motor insurance segments. 

Macroeconomic factors and regulatory changes will also influence growth. However, intensified competition and geopolitical uncertainties could pose challenges.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.