GDPI & Policies

Gross Direct Premium income (in India) written by non-life Insurance Industry increased from ₹ 2,56,984 Crores in 2022-23 to 2,89,673 in 2023-24. lines of business namely Motor, Health & Personal Accident insurance constituted more than two-thirds of the Non-Life Insurance premium. Crop insurance and credit is an important segment in Other Misc class of business. 

Chart 4.1.1Segment-wise share of GDPI

Source: Form I of I to X and Council Compilation

The number of policies issued increased from 30.43 Crores in 2022-23 to 33.48 Crores in 2023-24. Proportion of number of policies issued in Overall Motor has decreased from 52.00% in 2022-23 to 49.9% in 2023-24 and Other Miscellaneous classes has increased from 29.5% in 2022-23 to 30.7% in 2023-24.

Chart 4.1.2Segment-wise Policies Issued

Source: Form I of I to X and Council Compilation

Source: Form I of I to X and Council Compilation