Gross premium income of non-life insurers up 7% in H1

Published By: The Hindu Business Line

Published Date: 9th October 2024

​In the first half (H1) of fiscal year 2024–25, India's non-life insurance sector experienced a 7% year-on-year increase in gross written premiums, reaching ₹1.31 lakh crore, up from ₹1.23 lakh crore in the same period of the previous fiscal year. This growth was primarily driven by robust performances in the health and motor insurance segments. However, September 2024 saw a 6.5% decline in total premium income, dropping to ₹27,551 crore from ₹29,476 crore in September 2023.

This downturn was attributed to a slowdown in crop insurance premiums, which are typically concentrated in specific months. The health insurance segment continued to show strong growth, supported by increased awareness and demand for comprehensive coverage. Motor insurance also contributed positively, benefiting from a rebound in vehicle sales and regulatory enforcement of mandatory coverage. Despite the September dip, the overall outlook for the non-life insurance sector remains positive, with expectations of sustained growth driven by rising insurance penetration and product innovation.