The national premium income has grown by 12.40% in the fiscal year 2023-24. The top five states collectively contribute over ₹1,54,000 crore to the premium income for FY 2023-24, accounting for more than half of the country’s total premium earnings.
Among the states ranked top 10 according to the amount of premium earned, states with most significant increase in premium income with respect to the previous year are, Gujrat(22%), Karnataka(22%) Delhi(17%),Telangana(17%) and, Maharashtra (16%).
14 States/Union Territories each contributed over ₹5,000 Cr. of premium income in FY 2023-24.
The number of insurance offices grew steadily from 2013-14 to 2018-19, after which the growth rate stabilized. However, FY 2023-24 saw a notable overall increase of approximately 4.50%.
