The financial year 2022-23 for the non-life industry has come to an end with an impressive growth of premium by 16.36% over previous year. The total premium of non-life industry stands at Rs 256912.14 crores i.e approximately $ 31 billion.

The non-life insurance industry comprises of 24 multiline insurers, 5 Stand Alone Health Insurers (SAHI) and 2 specialized insurers, namely, Agriculture Insurance Co of India Ltd and ECGC Limited, thus totaling up to 31 general insurers. In addition, there are 12 reinsurers. There are possibilities of more companies entering the non-life sector in view of regulatory reforms and ease of doing business. One new company, Kshema General has already been granted license by IRDAI recently.

For the financial year 2022-23 the 24 multiline companies have contributed premium income of Rs. 214828.58 crores with an accretion of 16.26 %, SAHI companies have contributed a premium of Rs. 26242.29 crores, showing an accretion of 25.76 % and specialized insurers have underwritten premium of Rs. 15841.27 crores with an accretion of 5.28% over the corresponding previous financial year period.

Though all the above figures are provisional as on date of publishing the newsletter, few trends are clearly visible in the non-life industry.

The non-life industry continues its exciting growth journey working for deeper penetration of insurance services.

Health insurance is the largest growing segment and constitutes over 35% of total non-life premium.

The Regulator led reforms have created an ecosystem of growth, deeper penetration of insurance services and massive use of technology.

Private sector growth is more than PSU companies’ growth and market share of PSU companies has touched below 1/3 of the total premium.