Gross Direct Premium (GDPI)

India’s Non-Life Insurance Industry has achieved a CAGR of 14.60% over the period from 2014-15 to 2023-24. Premium income has seen significant growth, rising from ₹84,686 Crores in 2014-15 to ₹2,89,673 Crores in 2023-24. The Health and motor segments continue to be the primary drivers of this premium growth.

Chart 3.4.1Gross Direct Premium Income - Indian Business

Source: Council Compilation as per source
data submitted by companies

In the financial year 2023-24, the growth rate has been recorded at 12.40%. 

Chart 3.4.2Growth Rate in Premium

Source: Council Compilation as per source
data submitted by companies

Gross Written Premium (GWP)

Gross Written Premium (both domestic and international business) grew by 13.37% on an annual average basis from ₹ 90,364 Crores in 2014-15 to ₹ 3,00,847 Crores in 2023-24.

For analysis purposes, ECGC and AIC are categorized separately. 

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)

The Net Written Premium (NWP) has grown at a Compound Annual Growth Rate (CAGR) of 13.4%, increasing from ₹71,300 Crores in 2014-15 to ₹2,20,873 Crores in 2023-24. Similarly, the Net Earned Premium (NEP) also recorded a CAGR of 13.4%, rising from ₹67,428 Crores in 2014-15 to ₹2,08,389 Crores in 2023-24. 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