Gross Direct Premium (GDPI)
India’s Non-Life Insurance Industry has achieved a CAGR of approximately 14% over the period 2015–16 to 2024–25. Premium Income has more than trippled from ₹96,379 crore in 2015–16 to ₹3,07,633 crore in 2024–25. The Health, Motor & crop insurance segments continue to be the primary drivers of this sustained premium growth.
Chart 3.4.1Gross Direct Premium Income - Indian Business
Source: Council Compilation as per source
data submitted by companies
In the financial year 2024-25, the growth rate is 6.2% as compared to 12.4% the previous year. It should be noted, that the GDPI Figures for FY 2024-25 does not include long-term premiums as per IRDAI directive from October 1st 2024. The total long-term premium not accounted for in the FY 2024-25 is ₹6988.51 Crores. Had these premiums been accounted the over all growth rates would have been 8.6% over the previous year.
The decline in the premium growth rate is because of lower off take of motor vehicles, higher registration of senior-citizens under Ayushman Bharat, increased premium rates in health insurance amongst others.
Chart 3.4.2Growth Rate in Premium
Source: Council Compilation as per source
data submitted by companies
Gross Written Premium (GWP)
Gross Written Premium (both domestic and international business) grew at a CAGR of 13.6% during the period from 2015–16 to 2024–25, increasing from ₹1,02,396 crore to ₹3,21,511 crore.
Chart 3.4.3Gross Written Premium
Source: Council Compilation as per source
data submitted by companies
Chart 3.4.4GWP share % by Type of Insurers
Source: Council Compilation as per source
data submitted by companies
The breakdown of Rural and Urban segments across different categories is shown below, with values represented in ₹ Crores.
Chart 3.4.5GDPI - Rural vs Urban
Source: Council Compilation as per source
data submitted by companies
Net Written Premium & Net Earned Premium (NWP & NEP)
Net Written Premium (NWP) recorded a strong growth with a CAGR of 12.4%, increasing from ₹81,450 crore in 2015-16 to ₹2,32,912 crore in 2024-25. Net Earned Premium (NEP) also grew at the same CAGR of 13%, rising from ₹75,878 crore to ₹2,27,538 crore over the same period. Throughout the period under review, NEP consistently remained above 90% of NWP for the period under review.
Chart 3.4.6Net Written Premium & Net Earned Premium Growth
Source: Council Compilation as per source
data submitted by companies