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Non-life insurance claims ratio dips to 83%
December 24, 2024
|Financial Express Kochi
NET INCURRED CLAIMS to net earned premium (claims ratio) of the non-life insurance industry stood at 82.52% during 2023-24, compared with 82.95% in the preceding fiscal, according to the Irdai's annual report.
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 report said.
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.
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