The non-life insurance industry underwrote a total direct premium of â¹2.90 lakh crore in India registering a growth of 12.76% from the previous year, the report said.
The contribution of public sector general insurers increased 8.88% from â¹82,891 crore in 2022-23 to â¹90,252 crore in 2023-24. Private sector insurers, including standalone health insurers, have underwritten â¹1.88 lakh crore as against â¹1.58 lakh crore in 2022-23.
The aggregate profit of the non-life insurance sector was â¹10,119 crore as against a net loss of â¹2,566 crore in 2022-23. During 2023-24, the aggregate net incurred claims saw a 15.39% increase to â¹1.72 lakh crore from â¹1.49 lakh crore.
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