Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22

ICICI Lombard leads pack among private players, with 28% growth

After a low single digit growth in FY21, the first full year of Covid-19, the non-life insurance industry reported an 11 per cent growth in premiums to Rs 2.20 trillion in FY22. This compares with a 1.98 trillion worth of premiums collected in FY21.

Growth in the non-life sector is also back to pre-Covid levels as in FY20 the industry had posted a growth of 11.7 per cent over the year-ago period. In FY21, the industry's premiums had grown by just 5.2 per cent.

General insurers, 25 in total, amassed premiums to the tune of Rs 1.84 trillion in FY22,