Since the opening up of the Non-Life Insurance Industry in 2001, the industry has witnessed a substantial improvement in operational efficiency, along with a many-fold increase in Premium underwritten. 

There is a significant increase in the number of policies issued by the Industry post covid

Chart 3.2.1Policies Issued

Source: Council Compilation as per source
data submitted by companies

Claims handled have risen notably across all categories of insurers in the fiscal year 2023-24, accompanied by an increase in the claims incidence ratio.

Chart 3.2.2Claims Handled

Source: For 2013-14 onwards, Form 6 of I-X being sent by companies to The IRDAI
For prior years, NL24/25 of public disclosures of companies
*Claims Handled = Opening Balance of Claims Outstanding as at April 1st of each year + Claims Reported during that Financial Year.
Note: Incidence Ratio is derived as Claims Handled/Policies Issued

Source: Council Compilation as per source
data submitted by companies

The current year, has seen an increase in the number of offices as compared to the previous year.

Chart 3.2.3Number of Offices

Source: Council Compilation as per source
data submitted by companies

Post covid the insurance industry has seen an increase in the employee count. 

Chart 3.2.4Employee Count

Source: Council Compilation as per source
data submitted by companies