This chapter provides an overview of the Non-Life Insurance industry’s performance from 2015-16 through 2024-25
Over this period, Non-Life Insurers achieved consistent growth, upheld solvency margins, and experienced fluctuations in profitability despite numerous challenges, including the Covid pandemic. Market competition affected all lines of business except the mandatory Motor Third Party Insurance, which has been regulated since April 2007.
Motor Insurance including Third party cover has a share of more than 30% of the total premium. Uninsured vehicles are the cause of concern and it is expected that the new Motor Vehicle act will act as a catalyst to bring more uninsured vehicles in the insurance net.
Health and Personal Accident Insurance has become a major portfolio, contributing more than 40% and accounting for nearly one-third of the overall market share. It has grown to ₹1,27,430 crores at a CAGR of 18.5% over the period 2015-16 to 2024-25.
Table 3.1.1Number of Insurers as on 31st March 2024
| General Insurers | Standalone Health | Specialized | Reinsurance |
| 25 | 7 | 2 | 12 |