This chapter gives a snapshot of Non-Life Insurance Industry performance from the period 2010-11 to 2019-20.
The Non-Life Insurance Insurers have maintained a steady growth, maintained Solvency margins and marginally improved overall profitability despite many challenges faced by them during the last 10 years. Market competition dominated all lines of business other than mandated Motor Third Party Insurance since April 2007.
Uninsured vehicles in the Country for Motor TP liability insurance are receiving focus from Government, Judiciary, Police authorities and Regional Transport Authorities. Auto insurers are lending their support by providing Insurance policy details to the Centralised database, “Vahan”. Apex Court directives on 3 year and 5 year long-term Third Party insurance policy is being implemented for new vehicles. It has been interesting as to how these initiatives have panned out since their inception in reducing uninsured vehicles on the road.
Health Insurance has emerged as a significant portfolio accounting for almost one third of the market share. Health & Accident Insurance segment has grown to ₹57,109 Crores at a CAGR of 16.07% over the period of 2010-11 to 2019-20.
Number of Insurers as on 31st March 2020