Non Life Insurance Companies

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Non-life insurers to meet DFS secy for revision in motor third-party rates

Cession is the portion of insurance premiums that insurers pass on to a reinsurer, in this case, GIC Re

Non-life insurers' premium likely to improve in FY26, say experts

In FY25, premium of non-life insurers rose to ₹3.08 trillion, marking a 6.2 per cent year-on-year (Y-o-Y) increase

Non-life insurers' profit in green in FY24 after 2 straight years of losses

Net profit of life insurance companies rose by 10.79% Y-o-Y in FY24 to Rs 47,407 crore

Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report

Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52 per cent during 2023-24 as against 82.95 per cent in the preceding fiscal year, as per the Irdai's annual report. According to the Annual Report 2023-24 of the Insurance Regulatory and Development Authority of India (Irdai), during 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.90 lakh crore in India registering a growth of 12.76 per cent from previous year. The contribution of public sector general insurers increased 8.88 per cent from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24. Private sector insurers, including standalone health insurers, have underwritten Rs 1.88 lakh crore as against Rs 1.58 lakh crore in 2022-23. The aggregate profit of the non-life insurance sector was Rs 10,119 crore as against a net loss of Rs 2,566 crore in 2022-23. During 2023-24, the aggregate net incurred claims saw a 15.39 per cent increase to Rs 1.7

New surrender value norms: Life insurers turn to policies with high value

Despite the fall in number of policies, the new business premiums of life insurers grew in double digits

Non-life insurers post 27.5% premium growth in October, shows data

Data indicates that general insurers collected Rs 25,396.68 crore in premiums in October, reflecting a 23 per cent Y-o-Y increase

Non-life premiums fall 6.5% in September as crop, auto segments drag

In H1, premiums of non-life insurers were up 7% Y-o-Y

Non-Life Insurers premiums up 9.3% in July: General Insurance Council

The motor insurance and health insurance segments have been driving the growth in the non-life insurance industry so far in FY25, industry experts suggested

Life Insurers to seek extension on implementing surrender value norms

Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge

Insurance industry reports premium growth in Q1 FY25 ahead of Budget

State-owned LIC reports robust rise in life insurance business

Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore

Non-life insurers post 13% rise in premium in Feb but with dip in revenue

Market share of private insurers increases to 53.79 per cent YoY

Premiums of non-life insurance companies rise 7.37% in November 2023

The near 17 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units

Non-life insurance industry projected to grow by 14 to 15% CAGR by FY37

General insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea

Life insurers face value of new business margin pressure in second quarter

Premium of General ins cos likely to be robust in Q2FY24

Premiums of non-life insurance companies rise by 14.86% in H1FY24

Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time

India's retail health insurance could be a $25 bn market in 5 yrs: Report

Avendus Capital study says low penetration coupled with rising disposable incomes, and product innovation by insurers could act as catalysts for the segment

Health premiums on the mend: Non-life insurance in double digits

Group health plans drive the 29% growth in health premiums during the first eight months of FY23

LIC aims to reach a mix of 75:25 between par and non-par in individual biz

The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business