The Underwriting Surplus—calculated as the Net Earned Premium minus the total of Net Incurred Claims, Net Commission, Management Expenses, and other expenses or income—remains negative for General Insurers. Specialized Insurers continued to perform strongly in FY 2023–2024, whereas Standalone Health Insurers reported negative underwriting results. 

Chart 3.8.1Underwriting Results (Split by Type of Insurers)

Source: Council Compilation as per source
data submitted by companies

Chart 3.8.2Underwriting Surplus/Deficits (2014-2024)

Source: Council Compilation as per source
data submitted by companies


Underwriting surplus/deficit of Non-Life Insurance sector continues to be impacted by:
  • Intense competition in the Personal Lines of Business
  • Frequent natural calamities and disasters
  • and attritional claims to net account
  • Chart 3.8.3Underwriting Results (2014-2024)

    User Guide: Please keep cursor to the right to see exact values on the above graph. Source: Council Compilation as per source data submitted by companies

    Chart 3.8.4Underwriting Loss as percentage of NEP

    Source: Council Compilation as per source
    data submitted by companies



    Combined ratio has fallen in the current fiscal year with respect to last year.

    Chart 3.8.5Combined Ratio - Overall

    Source: Council Compilation as per source
    data submitted by companies

    Combined Ratios (calculated as Net Incurred Claims Ratio + Net Commission ratio + Expenses of Management ratio) have been above 110%, reflecting adverse underwriting results (It is to be noted that underwriting results are computed before apportionment of investment income attributable to policyholder funds). As compared to previous year, the combined ratio has declined to 112%.



    Chart 3.8.6Combined Ratio (Split by Type of Insurer)

    Source: Council Compilation as per source
    data submitted by companies