Personal sector insurers, together with standalone well being insurers, have underwritten Rs 1.88 lakh crore as in opposition to Rs 1.58 lakh crore in 2022-23.
The mixture revenue of the non-life insurance coverage sector was Rs 10,119 crore as in opposition to a web lack of Rs 2,566 crore in 2022-23.
Throughout 2023-24, the mixture web incurred claims noticed a 15.39 per cent enhance to Rs 1.72 lakh crore from Rs 1.49 lakh crore.
“The incurred claims ratio (web incurred claims to web earned premium) of the non-life insurance coverage trade was 82.52 per cent throughout 2023-24 as in opposition to 82.95 per cent of the earlier 12 months,” the report mentioned. The incurred claims ratio for public sector insurers was 97.23 per cent for 2023-24 as in opposition to the earlier 12 months’s incurred claims ratio of 99.02 per cent. The incurred claims ratio for personal sector common insurers, standalone well being insurers and specialised insurers have been at 76.49 per cent, 63.63 per cent, and 66.58 per cent, respectively, for 2023-24 as in comparison with the earlier 12 months’s ratio of 75.13 per cent, 61.44 per cent and 73.71 per cent, respectively.
The report additionally mentioned that the life insurance coverage trade paid complete advantages of Rs 5.77 lakh crore in 2023-24, constituting 70.22 per cent of the online premium.
The advantages paid on account of surrenders/withdrawals elevated 15.29 per cent to Rs 2.29 lakh crore in 2023-24 of which public sector life insurer accounted for 58.36 per cent.
Throughout 2023-24, a complete of 18 life insurance coverage corporations reported income. Income of the life insurance coverage trade grew 10.79 per cent in 2023-24 with revenue after tax (PAT) of Rs 47,407 crore as in opposition to Rs 42,788 crore in 2022-23.
Public sector life insurers reported an 11.75 per cent enhance in income whereas personal sector life insurers reported an increase of 5.32 per cent in revenue in 2023-24.
Irdai mentioned in 2023-24, the nation’s insurance coverage penetration was at 3.7 per cent as in comparison with 4 per cent in 2022-23.
The insurance coverage penetration for all times insurance coverage trade marginally declined from 3 per cent within the earlier 12 months to 2.8 per cent throughout 2023-24.
The penetration with respect to non-life insurance coverage trade remained the identical at 1 per cent throughout 2023-24 as in 2022-23.
There have been 26 life insurers, 25 common insurers, eight standalone well being insurers, 12 reinsurers and overseas reinsurance branches, and two specialised insurers, registered as on March 31, 2024.