, India
Stock photo. Credits to Unsplash.

India non-life insurance premiums to grow nearly 15% 

Health insurance to reach $12.22b in FY2024.

India’s non-life insurance premiums grew from $16b in FY2017 to over $27b in FY2022, a compound annual growth rate (CAGR) of nearly 11.5%, according to a report by CareEdge Ratings.

The growth was attributed to rising per capita income, product innovations and customisation, the development of strong distribution channels, and rising financial literacy. 

In H1FY2023, the industry has grown by 15.3% year-on-year (YoY), compared to 12.6% YoY in H1FY2022.

Health and Motor continue to be major contributors having a 66% stake in gross direct premium in FY2022. Even before the pandemic, health insurance premiums have been the main drivers of growth in the non-life insurance industry in India. The segment grew 26.2% in FY2022 which is double the growth of 12.2$ witnessed in FY2021.

Segment premiums have grown strongly due to the surge in premium income of private companies and standalone health insurance companies (SAHI). The premium growth of SAHI continues to be significantly higher than the industry average leading to improvement in their market share. The Group Health Insurance segment is witnessing significant growth as rates have increased due to premium repricing, medical inflation, and enhanced coverage.

Meanwhile, Fire and Crop, each contribute around 10% to 15% to the gross direct premium, whilst the other segments make up the balance.

India’s non-life insurance market is expected to grow between 13% to 15% over the medium term, driven mostly by the popularity of health insurance products/schemes, growing demand for motor insurance products due to expected rise in per capita and disposable income levels, a greater volume of transactions under segments such as fire, marine, export credit, customised products especially in motor and health insurance and gradual introduction of new products.

“Overall, the outlook is expected to be stable in the medium term. However, intensification of competition and an uncertain geopolitical environment, and high inflation, can negatively impact economic growth and subsequently the non-life insurance sector,” CareEdge said.
 

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