Gross Direct Premium (GDPI)
The Non-Life Insurance Industry in India has recorded CAGR of 13.76% in the period 2012-13 to 2021-22. The premium income, which was ₹69,186 Crores in 2012-13, has increased substantially to ₹2,20,700 Crores in 2021-22. Motor and Health segments remain the leading drivers of Premium growth.
Chart 3.4.1Gross Direct Premium Income - Indian Business
Source: Council Compilation as per source
data submitted by companies
The non-life insurance premium growth rate is fluctuating for last 10 years, but this year the growth rate increased with respect to last year significantly after showing a decreasing trend for last four years.
Chart 3.4.2Growth Rate in Premium
Source: Council Compilation as per source
data submitted by companies
The growth rate of the non-life insurance premium was impacted by the pandemic in 2020-21. It has recovered to the normal levels in 2021-22 after easing of lockdown & resumption of normal economic activity.
Gross Written Premium (GWP)
Gross Written Premium (both domestic and international business) grew by 13.37% on an annual average basis from ₹74,277 Crores in 2012-13 to ₹229,792 Crores in 2021-22.
ECGC and AIC are categorized separately for the purpose of analysis.
Chart 3.4.3Gross Written Premium
Source: Council Compilation as per source
data submitted by companies
Chart 3.4.4GWP share % by Type of Insurers
Source: Council Compilation as per source
data submitted by companies
The split of Rural and Urban in different Segments is shown below. Values shown are ₹ in Crores.
Chart 3.4.5GDPI - Rural vs Urban
Source: Council Compilation as per source
data submitted by companies
Net Written Premium & Net Earned Premium (NWP & NEP)
Net Written premium (NWP) grew at a CAGR of 12.82% from ₹55,890 Crores in 2012-13 to ₹165,514 Crores in 2021-22. Similarly, Net Earned Premium (NEP) grew at a CAGR of 13.33% from ₹51,226 Crores in 2012-13 to ₹158,002 Crores in 2021-22. NEP as a percentage of NWP has been consistently above 89% for the period under review.
Chart 3.4.6Net Written Premium & Net Earned Premium Growth
Source: Council Compilation as per source
data submitted by companies