At the end of January 2023, the general insurance industry has grown by 16.58% touching a Gross Direct Premium of Rs. 212720 crores. The health insurance business growth at 24% and Motor insurance at 16% are the highest contributors to this growth.

 The general insurers, with a premium score of Rs. 178858 crores have shown an accretion of 17% and standalone health insurance (SAHI) companies have written a Gross Direct Premium of Rs. 20494 crores and showed an accretion of 26.44%. The pattern of growth of previous months is repeated and business in all segments is increasing.

Overall, the growth achieved so far is satisfactory but far from the ambitious expectations of the regulator. There is no doubt that many of the measures and innovations undertaken by the industry to increase penetration and achieve high growth will take time to materialize and once the required momentum is attained it may show groundbreaking results.

While reaching out to more and more customers will remain focus of the Industry, it is well understood that prime factor for success of any business is meeting the expectations of its customers. The members of the council are determined to offer best in class services to their customers and achieve the cherished goal of insurance for all by 2047.