Page 48 - The Insurance Times January 2025
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Industry Analysis
Business Performance of General, Health & Specialised Insurers
(Amount in Rs. crore)
Overall Performance reflecting consistent growth both domestically and
1. Gross Direct Premium (Within India): internationally.
The gross premium grew by 12.76%, from
Rs.2,56,894 crore in 2022-23 to Rs.2,89,683 crore Segment-Wise Premium Analysis
in 2023-24. 1. Health Insurance:
Public sector insurers showed modest growth at The health segment remains the largest, contrib-
8.88%, while private sector insurers and standalone uting 40.29% of total premium, up from 38.02% in
health insurers (SAHI) recorded higher growth rates the previous year.
of 17.55% and 26.20%, respectively. Health insurance premiums grew by 19.50% in 2023-
Specialized insurers saw a decline in premium col- 24, indicating continued demand in this sector.
lection by 29.12%, impacting the overall industry 2. Motor Insurance:
growth. The motor insurance segment saw a 12.91%
2. Gross Direct Premium (Including Outside India): growth, with premiums increasing from Rs.81,280
Including outside India, the total premium grew by crore to Rs.91,780 crore.
12.79%, reaching Rs.2,93,622 crore in 2023-24, Its share in the total premium marginally increased
The Insurance Times January 2025 43
