Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52 per cent during 2023-24 as against 82.95 per cent in the preceding fiscal year, as per the Irdai’s annual report.
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 per cent from previous year.
The contribution of public sector general insurers increased 8.88 per cent 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 per cent 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 per cent during 2023-24 as against 82.95 per cent of the previous year,” the report said. The incurred claims ratio for public sector insurers was 97.23 per cent for 2023-24 as against the previous year’s incurred claims ratio of 99.02 per cent.
The incurred claims ratio for private sector general insurers, standalone health insurers and specialised insurers were at 76.49 per cent, 63.63 per cent, and 66.58 per cent, respectively, for 2023-24 as compared to the previous year’s ratio of 75.13 per cent, 61.44 per cent and 73.71 per cent, respectively. The report also said that the life insurance industry paid total benefits of ₹5.77 lakh crore in 2023-24, constituting 70.22 per cent of the net premium.
The benefits paid on account of surrenders/withdrawals increased 15.29 per cent to ₹2.29 lakh crore in 2023-24 of which public sector life insurer accounted for 58.36 per cent. During 2023-24, a total of 18 life insurance companies reported profits. Profits of the life insurance industry grew 10.79 per cent in 2023-24 with profit after tax (PAT) of ₹47,407 crore as against ₹42,788 crore in 2022-23.
Public sector life insurers reported an 11.75 per cent increase in profits while private sector life insurers reported a rise of 5.32 per cent in profit in 2023-24. Irdai said in 2023-24, the country’s insurance penetration was at 3.7 per cent as compared to 4 per cent in 2022-23.
The insurance penetration for life insurance industry marginally declined from 3 per cent in the previous year to 2.8 per cent during 2023-24. The penetration with respect to non-life insurance industry remained the same at 1 per cent during 2023-24 as in 2022-23. There were 26 life insurers, 25 general insurers, eight standalone health insurers, 12 reinsurers and foreign reinsurance branches, and two specialised insurers, registered as on March 31, 2024.
Source : Live Mint
Our much-anticipated 6th Annual Awards Event, Drishti, was a resounding success, bringing together industry leaders, employees, and stakeholders for an unforgettable experience. Held to celebrate our growth and acknowledge the efforts that drive our achievements, Drishti has become a key milestone in our journey as an insurance broking firm.
A Day of Inspiration and Recognition
From the very start, Drishti was packed with insightful sessions and engaging discussions. We recognized outstanding contributions from our team members and celebrated the progress we’ve made over the past year. The energy and passion displayed by every attendee highlighted the strength of our firm and the importance of teamwork.
Event Highlights:
- Keynote Address: Our leadership shared inspiring messages on the future of the insurance broking industry, touching on innovation, client trust, and growth.
- Awards Ceremony: We honoured employees across various departments who demonstrated excellence and dedication to client satisfaction.
- Engaging Sessions: Thought leaders in the insurance field presented the latest trends and challenges in the industry, providing actionable insights.
Capturing the Moments:
Be sure to check out the event highlights in the gallery below, featuring some of the best moments from Drishti. Image 7 showcases our leadership team on stage, sharing their vision for the future, while Image 8 captures the celebration of award winners.
We are proud of what we’ve accomplished, and Drishti served as a reminder that, together, we can overcome challenges and set even higher standards in the industry. As we look forward to another year, we remain committed to providing exceptional insurance broking services to our clients.
Stay tuned for more updates, and don’t forget to celebrate with us by exploring the images from this unforgettable event!
In this podcast, we dive deep into the exciting topic of “Navigating the Digital Future with Insurance Brokers.” Our panel of industry experts shared valuable insights and strategies to help insurance brokers thrive in the ever-evolving digital landscape. Here are the key takeaways from the discussion:
Navigating the Digital Future with Insurance Brokers
The Impact of Digitalisation on the Insurance Industry and the Evolving Role of Insurance Brokers
Key Digital Trends Adopted by Insurance Brokers to Stay Competitive
Enhancing Customer Experiences and Streamlining Operations: The Power of Technology for Insurance Brokers
Exploring the insurance industry’s digital transformation, this podcast delves into how insurance brokers adapt to new trends, utilize data analytics, and embrace technology. It highlights challenges, cybersecurity concerns, successful collaborations, and customer-centric strategies for navigating the digital future. Essential insights for insurance professionals and those interested in the evolving insurance landscape.
Points of discussion:
1. Can you provide an overview of the current state of the insurance industry and how digitalisation is impacting the role of insurance brokers?
2. What are some of the key digital trends that insurance brokers are adopting to stay competitive in the market?
3. How can insurance brokers effectively leverage technology and digital tools to enhance customer experiences and streamline their operations? Any example?
About: Vidya Bhuta, is the Director and Principal Officer at Mialtus Insurance Broking, which has a presence in over 48 locations across the country. Vidya has over 17 years of experience in building businesses from scratch. She is a qualified broker and a serial entrepreneur with capabilities in strategy, analytical thinking, and disruptive technology.
As the financial capital of India, Mumbai is home to a vast array of insurance brokers. With so many options to choose from, finding the right insurance broker in Mumbai can be a daunting task. But if you’re looking for the best insurance broker in Mumbai, there’s one name that stands out above the rest: Mialtus Insurance Broker.
At Mialtus, we understand that insurance is a complex and often confusing field. That’s why we have assembled a team of experienced professionals who are committed to providing personalized service to our clients. Whether you’re a small business owner or an individual looking for coverage, we have you covered.
One of the things that set us apart from other insurance brokers in Mumbai is our commitment to transparency. We believe that our clients deserve to know exactly what they’re getting, which is why we work closely with them to identify their needs and find the best coverage at the most affordable rates.
Our team of professionals has years of experience in the insurance industry, and we stay up-to-date with the latest trends and developments to ensure that our clients always have access to the best options available. We offer a wide range of insurance products, including health insurance, life insurance, property insurance, and more.
In addition to our commitment to personalized service and transparency, we are also proud to offer a convenient and hassle-free experience for our clients. Whether you prefer to communicate with us in person, over the phone, or online, we are always available to answer your questions and provide support.
If you’re looking for the best insurance broker in Mumbai, look no further than Mialtus Insurance Broker. Contact us today to learn more about how we can help you find the coverage you need at a price you can afford.
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