The Premium Score Board

     

In the financial year, at the end of November 2022, the general insurance industry has grown by 16.46% touching a Gross Direct Premium of Rs. 165,360.32 crores. The health insurance business growth at 22.54% and Motor insurance at 17.04% are the highest contributors to this growth.

 The general insurers, with a premium score of Rs. 140,058.56 crores have shown an accretion of 16.55% and stand alone health insurance (SAHI) companies have written a Gross Direct Premium of Rs. 15,676.25 crores and shown an accretion of 26.82%. Specialized insurer ECGC has shown an accretion of 13.87% in their premium whereas Agriculture Insurance Co (AIC) has achieved a growth of 0.96% only as at end November 2022. The general increase in the Marine, Engineering and Motor insurance premiums indicate that the industry has come out of the COVID impact and is on way to achieving high growth rate.

 There is no doubt that the growth achieved so far is exemplary. But to meet the aspirational targets in line with IRDAI’s expectations, the growth has to be much faster than current rate, and industry is optimistically gearing itself to achieve that kind of growth.