Net Retention of Insurance Companies (After Cessions to Reinsurers)
The Gross Written and Net Written Premiums during the period 2014-15 to 2023-24 are as follows:
Chart 5.1.1Gross Written premium & Net Written Premium
Source: Council Compilation as per source data submitted by companies
Steady growth of Gross Written Premium and Net Written Premium over the past 10 years has been observed since 2014.
Table 5.1.1 Gross Written Premium and Net Written Premium, Retention Ratio
2021-22 | 2022-23 | 2023-24 | |||||||
---|---|---|---|---|---|---|---|---|---|
GWP | NWP | Retention Ratio | GWP | NWP | Retention Ratio | GWP | NWP | Retention Ratio | |
Private Sector | 1,12,621 | 71,722 | 63.7% | 1,35,295 | 87,069 | 64.4% | 1,58,918 | 1,03,070 | 64.9% |
Public Sector | 81,191 | 67,639 | 83.3% | 89,024 | 74,105 | 83.2% | 97,257 | 81,788 | 84.0% |
Standalone Health | 20,934 | 18,388 | 87.6% | 26,340 | 23,650 | 89.8% | 33,277 | 29,084 | 87.4% |
Specialized Company | 15,047 | 7,815 | 51.9% | 15,932 | 7,781 | 48.8% | 11,391 | 6,931 | 60.8% |
Total | 2,29,792 | 1,65,514 | 72.0% | 2,66,591 | 1,92,604 | 72.2% | 3,00,843 | 2,20,873 | 73.4% |
Source: Council Compilation as per source data submitted by companies
Note: The ceded premium of specialized companies includes premium ceded to other Indian Non-Life insurance companies in addition to GIC Re & FRB’s