General Insurers

Gross direct premium underwritten by non-life insurers rose 8.28 per cent in April, supported by strong growth in health and general insurance segments

The expenses of the insurer were up by 16.19 per cent YoY to Rs 6,039.06 crore in the quarter, while commissions rose by 15.5 per cent YoY to Rs 1,343.1 crore

At the BFSI Insight Summit 2025, insurance leaders urged joint action on climate, cyber, and EV risks - calling for innovation, tech collaboration, and universal insurance coverage

From cyberattacks and climate change to supply-chain disruptions, as risks evolve in complexity and scale, general insurers are being pushed to rethink their traditional playbook.

Analysts see 50-150 bps VNB margin compression for life insurers and sustained combined ratios for general insurers after GST rate changes and ITC removal

Despite modest growth in the non-life insurance sector in July 2025, key segments like motor and fire insurance showed strength, while health faced challenges.

Standalone health insurers record nearly 10% Y-o-Y growth at Rs 2,916.75 cr

State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance

The general insurers' premium grew by 5.20 per cent Y-o-Y to Rs 2.58 trillion at the end of FY25

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

According to insurance industry officials the decision is a big solace for the insurance & reinsurance industry as no tax can be levied on co-insurance premium and reinsurance commission

The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

The general insurance industry is expected to earn a gross direct premium income (GDPI) of Rs 3.7 lakh crore by FY26, an increase of 32 per cent from Rs 2.8 lakh crore in FY24, a report said. While the growth for private insurers is expected to remain strong and that of PSU insurers is likely to remain moderate because of the weak capital position, ICRA said in a report. The profitability for private insurers is likely to improve, supported by better underwriting performance, it said. The combined ratio for PSU insurers will remain weak, thereby impacting the net profitability, the report said. The industry's GDPI saw a robust 15.5 per cent year-on-year (YoY) expansion in 2023-24, rising to Rs 2.79 lakh crore on the health segment, it said. Apart from this, the report said that the growth in the motor segment was healthy, supported by the increase in new vehicle sales (two-wheelers, or 2W, rose by 13.3 per cent YoY and passenger vehicles, or PVs, by 8.4 per cent YoY in 2023-24).

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable

Premium, rules, and tenure of coverage are listed in Policybazaar chart

Private general insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent in the year-ago period. As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (Irdai). Private insurers registered an annual increase of 14.86 per cent in gross direct premiums. The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23. "Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said. PSU

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