Page 43 - Insurance Times April 2023

IRDAI

Appraisal of General and Health

Insurance Market

General and Health Insurance Premium

The general insurance industry underwrote total direct
premium of Rs. 2.21 lakh crore in India in the year 2021-22
registering a growth of 11.06 per cent from previous year.
Out of 25 private insurers (including standalone health
insurers) operating in the year 2021-22, 24 insurers reported
an increase in premium underwritten as compared to the
previous year. In case of public sector general insurers,
market share of all the public sector insurers except New
India has decreased from previous year.

Insurance company wise premium underwritten within India
is given in Statement 10. Premium underwritten outside the country declined by 1.93
per cent in 2021-22. The overseas premium constitutes 8.28
Three public sector insurers except United India are per cent of the total premium underwritten by the insurers
underwriting general insurance business outside India. in 2021-22.

Gross Direct Premium of General and Health Insurers
(Rs. crore)

Insurer Within India Within and Outside India
2020-21 2021-22 2020-21 2021-22
Public Sector Insurers 71,843.72 75,032.84 75,211.29 78,335.45
(-1.94) (4.44) (-1.73) (4.15)
Private Sector Insurers 98,000.96 1,09,753.37 98,000.96 1,09,753.37
(8.00) (11.99) (8.00) (11.99)
Stand-alone Health Insurers 15,755.19 20,867.18 15,755.19 20,867.18
(8.86) (32.45) (8.86) (32.45)
Specialized Insurers 13,114.85 15,046.83 13,114.85 15,046.83
(25.66) (14.73) (25.66) (14.73)
Total 1,98,714.72 2,20,700.21 2,02,082.30 2,24,002.82
(5.19) (11.06) (5.15) (10.85)
Note:
1. Figure in brackets indicate growth in per cent over previous year.
2. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered

The Insurance Times April 2023 37