The property insurance sector has achieved a Compound Annual Growth Rate (CAGR) of 12.00% between 2014-15 and 2023-24. This year, the share of the engineering segment has grown to ₹5,392 crore, up from ₹4,285 crore in the previous year.
Chart 4.6.1GDPI - Property Insurance
Table 4.6.1Property
| 2023-24 | Value |
| No. Of Policies | 1,01,06,006 |
| GDPI (in Cr) | 31,048 |
| No. Of Claims Reported | 2,66,613 |
| No. Of Paid Claims | 1,93,222 |
| Amt of Paid Claims (in Cr) | 15,248 |
Source: Council Compilation as per source
data submitted by companies
Due to the catastrophic losses arises out of Natural disasters in the year under review the GIC ratio has risen to 77.2% as compared to 40% in the previous year. However, the NIC ratio increased marginally to 58.1% in the year under review as compared to 56.6% in the previous year reflecting prudent reinsurance arrangements
Chart 4.6.2Gross & Net Incurred Claims Ratio - Property
Source: Council Compilation as per source
data submitted by companies
Chart 4.6.3Rural vs Urban Premium - Property
Source: Council Compilation as per source
data submitted by companies