New Delhi : Claims as a proportion of net premium of the general insurance industry declined marginally to 82.52 per cent during 2023-24. In the previous financial year it was 82.95 percent. This has been said in the annual report of insurance regulator IRDA. According to the annual reports of the Insurance Regulatory and Development Authority of India, in the financial year 2023-24, the non-life insurance industry in the country received a total direct premium of Rs 2.90 lakh crore with a growth of 12.76 percent on an annual basis.
Let us inform that the contribution of public sector general insurance companies increased by 8.88 percent to Rs 90,252 crore in 2023-24. A year ago it was Rs 82,891 crore. The total profit of general insurance companies stood at Rs 10,119 crore in 2023-24, which was Rs 2,566 crore a year ago.
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Gross Net Claims in the Previous Financial Year
According to the report, gross net claims increased by 15.39 percent to Rs 1.72 lakh crore in the last financial year from Rs 1.49 lakh crore a year ago. Along with this, the claims ratio (net claims on net premium earned) of the general insurance industry was 82.52 percent during 2023-24, whereas it was 82.95 percent last year. The expense claims ratio for public sector insurance companies stood at 97.23 per cent in 2023-24, compared to 99.02 per cent in the previous year.
The expense claims ratio for private sector general insurers, health insurers and specialty insurers stood at 76.49 per cent, 63.63 per cent and 66.58 per cent respectively in 2023-24. Whereas in the previous year it was 75.13 percent, 61.44 and 73.71 percent respectively. It said the life insurance industry delivered a total profit of Rs 5.77 lakh crore in 2023-24. Which is 70.22 percent of the net premium.
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