Page 45 - Insurance Times April 2023

policies in the year 2021-22 reporting an increase of 7.68
per cent.

New Policies Issued by General and

Health Insurers
(in lakhs)
Insurer 2020-21 2021-22
Note: Reclassification/Regrouping in the previous year's
Public Sector Insurers 684.27 631.93
figures, if any, by the insurer has not been considered.
(-6.71) (-7.65)
Private Sector Insurers 1,259.72 1,423.53
Other Forms of Capital of General and
(-0.33) (13.00)
Health Insurers
Stand-alone Health Insurers 105.41 125.94
(14.34) (19.47) Under the provisions of IRDAI (Other Forms of Capital)
Regulations, 2016, General insurers have effectively raised
Specialized Insurers 417.93 475.30
Other Forms of Capital amounting to Rs. 276 crore during
(28.40) (13.73)
2021-22. Total other forms of capital as on March 31, 2022
Total 2467.33 2,656.70
was Rs. 5,151 crore.
(2.16) (7.68)
Note: Figures in brackets indicate growth in per cent over Expenses of General and Health Insurers
previous year. Commission expenses and operating expenses constitute a
major part of the total expenses. The gross commission
Paid-up Capital of General and Health expenses of general insurance industry was Rs. 16,931 crore
for the year 2021-22 increased by 9.87 per cent from
Insurers
previous year. The operating expenses of general insurers
I.2.2.25 Total paid up capital of all general and health stood at Rs. 41,455 crore in 2021-22, showing overall
insurers as on March 31, 2022 was Rs. 37,855 crore. During increase of 8.29 per cent.
2021-22, the general and health insurers added Rs. 5,013
crore to their equity capital base. During the year, Rs. 5,000 During the year 2021-22, five private insurers were under
crore were infused in three PSU general insurers by exemption period as the insurers are yet to complete first
Government of India. Private sector general insurers five years of operations. Out of remaining insurers, 18
effectively took out capital to the extent of Rs. 1,151 crore insurers were compliant, nine insurers were non-compliant
because of the demerger of general Insurance business of and eight general insurers were granted forbearance in
accordance with the IRDAI (Expenses of Management of
Bharti AXA General Insurance Co. Ltd. to ICICI Lombard
Insurers transacting General or Health Insurance Business)
General Insurance Co. Ltd.
Regulations, 2016, subject to the condition that excess of
Insurance company wise paid up capital is provided in expenses of management shall be charged to shareholders'
Statement 12. fund. In case of Reliance Health Insurance Ltd., its business
portfolio has been transferred to Reliance General Insurance
Paid-up Capital of General and Health Co. Ltd.
Insurers
Claims of General and Health Insurers
(Rs. crore)
The net incurred claims of the general insurers stood at Rs.
1.41 lakh crore in 2021-22 as against Rs. 1.12 lakh crore in
2020-21 reported an increase of about 26 per cent during
2021-22. The incurred claims ratio (net incurred claims to
net earned premium) of the general insurance industry was
89.08 per cent during 2021-22 against 81.06 per cent of
previous year. Public sector general insurers experienced
The Insurance Times April 2023 39