Property insurance business comprises fire and engineering segments. This class of business was de-tariffed on 1st April, 2007.
Property insurance business has registered a CAGR of 11% over the period 2009-10 to 2018-19. Proportion of Engineering business has increased over the last year, which is a change of trend as it had showed a decrease in the prior years.
Chart 4.6.1GDPI - Property Insurance
Table 4.6.1Property
2018-19 | Value |
No. Of Policies | 73,79,772 |
Premium (in Cr) | 14,135 |
No. Of Claims Reported | 1,52,753 |
No. Of Paid Claims | 1,27,894 |
Amt of Paid Claims (in Cr) | 6,930 |
Source: Council Compilation as per source
data submitted by companies
The Net Incurred Claims ratio for property insurance has been consistently within the range of 46% and 90% during the observed period.
Chart 4.6.2Gross & Net Incurred Claims Ratio - Property
Source: Council Compilation as per source
data submitted by companies
Chart 4.6.3Rural vs Urban Premium - Property
Chart 4.6.4Channelwise GDPI - Property
Source: Council Compilation as per source
data submitted by companies