Total Gross Direct Premium Income (India & Abroad) stood at ₹2,24,002 Crores, a 10.84% growth from FY 2020-21, and a CAGR of 13.6% over a 10-year period.
The Industry’s workforce grew by approximately 7.7% from FY 2020-21, providing employment opportunities for over 10,900 new employees.
The share of Gross Direct Premium Income via Brokers has grown by approximately 26.3% over the previous year.
Net commissions also exhibited continued uptrends, with growth figures reaching approximately 10%.
FY 2021-22 has seen significant increase in claims. This has affected profitability. Gross Incurred Claims ratio increased to 79.2% for the current financial year as against 73.2% in the previous year.
Industry Investment Incomes have also posted continued growth:
Investment income pertaining to policyholders was ₹25,768 Crores in FY 2021-22, representing a CAGR of around 12.3% p.a over a 10-year period.
Investment income pertaining to shareholders was ₹6,578 Crores in FY 2021-22, representing at CAGR of 7.9% p.a. over a 10-year period.
