Gross Direct Premium (GDPI)

The Non-Life Insurance Industry in India has recorded CAGR of 12.73% in the period 2013-14 to 2022-23. The premium income, which was ₹ 77,525 Crores in 2013-14, has increased substantially to ₹ 2,56,894 Crores in 2022-23. 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

After four years of decline, a rising trend in the GDPI growth rate is again captured from 2021- 2022.

Chart 3.4.2Growth Rate in Premium

Source: Council Compilation as per source
data submitted by companies

Resumption of normal economic activity after COVID has resulted in an increase in GDPI.

Gross Written Premium (GWP)

Gross Written Premium (both domestic and international business) grew by 13.85% on an annual average basis from ₹83,027 Crores in 2013-14 to ₹ 2,66,591 Crores in 2022-23.

ECGC and AIC are included in Specialized Insurers.

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 11.48% from ₹ 64,864 Crores in 2013-14 to ₹ 1,92,333 Crores in 2022-23. Similarly, Net Earned Premium (NEP) grew at a CAGR of 11.59% from ₹ 60,010 Crores in 2013-14 to ₹ 1,79,678 Crores in 2022- 23. NEP as a percentage of NWP has been consistently above 90% 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