NEW DELHI: 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 ₹2.90 lakh crore in India registering a growth of 12.76% from the previous year. The contribution of public sector general insurers increased 8.88% from ₹82,891 crore in 2022-23 to ₹90,252 crore in 2023-24. Private sector insurers, including standalone health insurers, have underwritten ₹1.88 lakh crore as against ₹1.58 lakh crore in 2022-23.The aggregate profit of the non-life insurance sector was ₹10,119 crore as against a net loss of ₹2,566 crore in 2022-23.During 2023-24, the aggregate net incurred claims saw a 15.39% increase to ₹1.72 lakh crore from ₹1.49 lakh crore."The incurred claims ratio (net incurred claims to net earned premium) of the non-life insurance industry was 82.52% during 2023-24 as against 82.95% of the previous year," the report said. The incurred claims ratio for public sector insurers was 97.23% for 2023-24 as against the previous year's incurred claims ratio of 99.02%.The incurred claims ratio for private sector general insurers, standalone health insurers and specialised insurers were at 76.49%, 63.63%, and 66.58%, respectively, for 2023-24 as compared to the previous year's ratio of 75.13%, 61.44% and 73.71%, respectively. The report also said that the life insurance industry paid total benefits of ₹5.77 lakh crore in 2023-24, constituting 70.22% of the net premium.The benefits paid on account of surrenders/withdrawals increased 15.29% to ₹2.29 lakh crore in 2023-24 of which public sector life insurer accounted for 58.36%.

CLAIMS RATIO OF NON-LIFE INSURERS DIPS TO 82.52% IN FY24: IRDAI REPORT

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