The property insurance sector has achieved a Compound Annual Growth Rate (CAGR) of 10.7% between 2015-16 and 2024-25. This year, Fire Premium has declined to ₹24,240 Crores as compared to ₹25,656 Crores last year. One reason could be the IRDAI circular on long-term accounting which has resulted in long-term Premiums being reported separately. Fire portfolio also consists of long-term premiums in the loan book for residential properties which are financed through housing loans..
Chart 4.6.1GDPI - Property Insurance
Table 4.6.1Property
| 2024-25 | Value |
| No. Of Policies | 12,727,705 |
| GDPI (in Cr) | 30,257 |
| No. Of Claims Reported | 287,499 |
| No. Of Paid Claims | 195,970 |
| Amt of Paid Claims (in Cr) | 14,294 |
Source: Council Compilation as per source
data submitted by companies
This year, the GIC ratio has come down to 53.2% as compared to 77.2% in the previous year. However, NIC has increased from 58.1% in the previous year to 67.5% in the year under-review, partly due to accumulations on the net account.
Chart 4.6.2Gross & Net Incurred Claims Ratio - Property
Source: Council Compilation as per source
data submitted by companies
Chart 4.6.3Rural vs Urban Premium - Property
Source: Council Compilation as per source
data submitted by companies