The Underwriting Surplus—calculated as the Net Earned Premium minus the total of Net Incurred Claims, Net Commission, Management Expenses, and other expenses or income—remains negative for General Insurers. Specialized Insurers continued to perform strongly in FY 2024–2025, whereas Standalone Health Insurers reported negative underwriting results. 

Chart 3.8.1Underwriting Results (Split by Type of Insurers)

Source: Council Compilation as per source
data submitted by companies

Chart 3.8.2Underwriting Surplus/Deficits (2015-2025)

Source: Council Compilation as per source
data submitted by companies


Underwriting surplus/deficit of Non-Life Insurance sector continues to be impacted by:
  • Intense competition in the Personal Lines of Business
  • Frequent natural calamities and disasters and attritional claims to net account
  • Increase in distribution costs across all channels.
  • Chart 3.8.3Underwriting Results (2015-2025)

    User Guide: Please keep cursor to the right to see exact values on the above graph. Source: Council Compilation as per source data submitted by companies

    Chart 3.8.4Underwriting Loss as percentage of NEP

    Source: Council Compilation as per source
    data submitted by companies



    The combined ratio has risen in the current financial year as compared to previous year.

    Chart 3.8.5Combined Ratio - Overall

    Source: Council Compilation as per source
    data submitted by companies

    The Combined Ratios—calculated as the sum of the Net Incurred Claims Ratio, Net Commission Ratio, and Expenses of Management Ratio—have remained above 110%, indicating unfavorable underwriting outcomes. Notably, these results are calculated prior to allocating any investment income attributed to policyholder funds. In the current financial year, the combined ratio is 112.6% as compared to 112.0% in the previous year.



    Chart 3.8.6Combined Ratio (Split by Type of Insurer)

    Source: Council Compilation as per source
    data submitted by companies